The stock market experienced a mixed bag on Friday, with the overall sentiment dipping slightly according to the CNN Money Fear and Greed index, although it remained in the “Greed” zone. While the Dow Jones Industrial Average and the S&P 500 ended a six-week winning streak, falling approximately 1% and 2.7% respectively, the Nasdaq Composite climbed to an all-time high, driven by a surge in tech stocks. This rally was fueled by anticipation for upcoming quarterly earnings reports.
Companies like Nvidia, Meta Platforms, and Amazon saw their shares rise on Friday. However, not all news was positive. HCA Healthcare, Inc. saw its shares plunge around 9% after the company reported disappointing third-quarter financial results. Colgate-Palmolive also suffered, with shares falling around 4% following its own earnings report.
On the economic data front, the University of Michigan consumer sentiment for the U.S. rose to 70.5 in October, a slight increase from the preliminary reading of 68.9. However, U.S. durable goods orders fell by 0.8% to $284.8 billion in September, marking a continuation of the decline observed in August.
Looking at sector performance, most sectors on the S&P 500 closed in the red, with financials, real estate, and utilities experiencing the largest losses. Information technology and communication services stocks bucked the trend, closing the session higher.
The Dow Jones Industrial Average ended the day down approximately 260 points at 42,114.40. The S&P 500 dipped 0.03% to 5,808.12, while the Nasdaq Composite surged 0.56% to close at 18,518.61.
Investors are now focused on earnings results from companies such as ON Semiconductor Corporation, Waste Management, Inc., and Ford Motor Company, which are scheduled to be released today.
What is the CNN Business Fear & Greed Index?
The Fear & Greed Index is a tool designed to gauge the current market sentiment, measuring the level of investor optimism or pessimism. The index operates on the principle that heightened fear exerts pressure on stock prices, while increased greed has the opposite effect. It is calculated using seven equal-weighted indicators, ranging from 0 to 100, with 0 representing maximum fear and 100 signaling maximum greediness. The index currently sits at 58.9, remaining within the “Greed” zone, slightly down from the previous reading of 61.5.
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