Investor Optimism Declines After US Stocks Record Weekly Loss

The CNN Money Fear and Greed index moved to the "Greed" zone on Friday.

U.S. stocks closed lower on Friday, with the Nasdaq snapping an eight-week winning streak. The S&P 500 dropped about 1.4%, while the Dow Jones fell about 1.7% last week.

On the economic data front, the S&P Global services PMI fell to 54.1 in June from 54.9 in the prior month and compared with market estimates of 54, while the S&P Global manufacturing PMI dropped to 46.3 in June from 48.4 in May.

CarMax, Inc. KMX shares jumped 10% on Friday after the company reported better-than-expected first-quarter results.

The Dow Jones closed lower by around 219 points to 33,727.43 on Friday. The S&P 500 fell 0.77% at 4,348.33, while the Nasdaq Composite lost 1.01% to settle at 13,492.52 during the session.

Investors are awaiting earnings results from Carnival CCL today.

At a current reading of 74.0, the index moved to the "Greed" zone, versus a previous reading of 80.0

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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