Fear & Greed Index In 'Neutral' Zone Ahead Of Jobs Report; Dow Settles Higher
The CNN Money Fear and Greed index remained in the “Neutral” zone on Thursday.
U.S. stocks settled mixed on Thursday, with the Dow Jones index recording gains during the session.
On the economic data front, U.S. initial jobless claims rose by 8,000 to 229,000 in the week ending June 1, compared to market estimates of 220,000. The trade deficit in the U.S. increased to $74.6 billion in April versus a revised $68.6 billion gap in March.
Investors are awaiting the release of nonfarm payrolls report for May, due to be released on Friday. Economists are expecting a jobs gain of 190,000 for May.
Lululemon Athletica Inc. (NASDAQ:LULU) shares gained around 5% on Thursday reported upbeat financial results for its first quarter and authorized a $1 billion increase in its stock repurchase program on Wednesday. The J. M. Smucker Company (NYSE:SJM) shares gained around 4.5% after the company posted upbeat quarterly earnings.
Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, energy and consumer staples stocks recording the biggest gains on Thursday. However, utilities and industrials stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 79 points to 38,886.17 on Thursday. The S&P 500 fell 0.02% at 5,352.96, while the Nasdaq Composite fell 0.09% at 17,173.12 during Thursday's session.
Investors are awaiting earnings results from J.Jill, Inc (NYSE:JILL) and Graham Corporation (NYSE:GHM) today.
At a current reading of 45, the index remained in the “Neutral” zone on Thursday, versus a prior reading of 45.
What is CNN Business Fear & Greed Index?
The Fear & Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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