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.
U.S. stocks settled lower on Friday, with the S&P 500 recording losses for the fourth straight session. The Dow Jones index also dipped more than 250 points on Friday.
Shares of Apple Inc. AAPL fell around 3% on Friday after US President Donald Trump demanded that iPhones sold in the U.S. be manufactured domestically, threatening a 25% tariff on the company otherwise. Later, Trump also announced 50% tariffs on goods from the European Union, effective June 1, as talks between Washington and Brussels cooled.
Shares of Ross Stores, Inc. ROST fell around 10% on Friday after the company issued second-quarter EPS guidance below estimates. Deckers Outdoor Corp. DECK shares dropped 20% after the company reported fourth-quarter financial results.
On the economic data front, U.S. sales of new single-family homes climbed by 10.9% from the previous month to an annualized rate of 743,000 units.
Most sectors on the S&P 500 closed on a negative note, with information technology, consumer discretionary and communication services stocks recording the biggest losses on Friday. However, consumer staples and utilities stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 256 points to 41,603.07 on Friday. The S&P 500 fell 0.67% to 5,802.82, while the Nasdaq Composite dipped 1% to 18,737.21 during Friday's session.
Investors are awaiting earnings results from HEICO Corp. HEI, AutoZone, Inc. AZO and The Bank of Nova Scotia BNS today.
What is CNN Business Fear & Greed Index?
At a current reading of 63.7, the index remained in the “Greed” zone on Friday, versus a prior reading of 65.6.
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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