Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the "Greed" zone on Friday.
The Dow Jones index settled lower on Friday but recorded its best week of the year. All three major indices notched gains last week, with the S&P 500 gaining about 2.3%, and the Dow adding approximately 2% to record its best week since December.
Shares of Lululemon Athletica Inc. (NASDAQ: LULU) fell around 16% during Friday’s session after releasing fourth-quarter results. Nike Inc (NYSE: NKE) shares fell around 7% on Friday after the company reported results for its third quarter. FedEx Corporation (NYSE: FDX) shares gained over 7% on Friday after the company reported better-than-expected earnings for its third quarter and authorized a new $5 billion share repurchase program on Thursday.
On the economic data front, the total number of active U.S. oil rigs fell by 1 rig this week, Baker Hughes Inc. reported.
Most sectors on the S&P 500 closed on a negative note, with real estate, financial and consumer discretionary stocks recording the biggest losses on Friday. However, information technology and communication services bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 305 points to 39,475.90 on Friday. The S&P 500 fell 0.14% at 5,234.18, while the Nasdaq Composite climbed 0.16% at 16,428.82 during Friday’s session.
Investors are awaiting earnings results from Westport Fuel Systems Inc. (NASDAQ: WPRT), BuzzFeed, Inc. (NASDAQ: BZFD) and Dada Nexus Limited (NASDAQ: DADA) today.
At a current reading of 71.8, the index remained in the "Greed" zone on Friday, versus a prior reading of 74.3.
What Is The 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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