The CNN Money Fear and Greed index showed a slight increase in the overall market sentiment on Thursday. This index is a measure of the current market sentiment, based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. It is calculated based on seven equal-weighted indicators and ranges from 0 to 100, with 0 representing maximum fear and 100 signaling maximum greediness.
U.S. stocks closed higher on Thursday, extending gains recorded in the previous session. The Federal Reserve kept interest rates unchanged between 5.25% and 5.5% at its March meeting, as widely expected by investors. The Fed also confirmed intentions to lower the cost of money in the coming months.
There were notable movements in individual stocks on Thursday. Accenture Plc shares dipped over 9% after the company reported results for its fiscal second quarter. On the other hand, Micron Technology, Inc. shares surged over 14% after the company reported upbeat results for its second quarter and issued strong third-quarter guidance.
On the economic data front, U.S. initial jobless claims declined by 2,000 to 210,000, beating market estimates. The U.S. current account deficit also shrank during the fourth quarter, while the S&P Global services PMI declined and manufacturing PMI climbed to a 21-month high level in March.
Most sectors on the S&P 500 closed on a positive note, with industrials, financial, and energy stocks recording the biggest gains. However, utilities and communication services bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 269 points, the S&P 500 rose 0.32%, and the Nasdaq Composite climbed 0.20% during Thursday’s session.
Investors are eagerly awaiting earnings results from Hyzon Motors Inc., AstroNova, Inc., and Humacyte, Inc. today.
Overall, the market sentiment seems to be cautiously optimistic, as indicated by the slight increase in the CNN Money Fear and Greed index. Investors will continue to monitor economic data and earnings reports to gauge the direction of the market in the coming days.
