Dow Gains 350 Points As SpaceX Jumps In Debut: Investor Sentiment Improves, Greed Index Remains In 'Fear' Zone
Adobe Systems Incorporated ADBE | 0.00 | |
Comtech Telecommunications Corp. CMTL | 0.00 | |
DOMO, INC. DOMO | 0.00 | |
Dave & Buster's Entertainment, Inc. PLAY | 0.00 | |
SpaceX SPCX | 0.00 |
The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the “Fear” zone on Friday.
U.S. stocks settled higher on Friday, with the Dow Jones index surging more than 350 points during the session.
President Donald Trump cast fresh doubt on a U.S.-Iran agreement Friday morning, writing on Truth Social that "the terms that Iran leaked out have nothing to do with the terms that were agreed to, in writing."
Shares of Space Exploration Technologies Corp. (NASDAQ:SPCX) jumped more than 19% on Friday, as the stock debuted on the Nasdaq as the world's biggest IPO ever.
On the economic data front, the University of Michigan’s consumer sentiment index surged to 48.9 in early June, from 44.8 in the previous month and topping market estimates of 46.
On the earnings front, shares of Adobe Inc. (NASDAQ:ADBE) fell around 7% on Friday after the company posted upbeat financial results for the second quarter and raised its guidance for the full year.
Most sectors on the S&P 500 closed on a positive note, with financial, materials and utilities stocks recording the biggest gains on Friday. However, health care stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 354 points to 51,202.26 on Friday. The S&P 500 rose 0.50% to 7,431.46, while the Nasdaq Composite gained 0.31% at 25,888.84 during Friday's session.
Investors are awaiting earnings results from Comtech Telecommunications Corp. (NASDAQ:CMTL), Dave and Buster’s Entertainment Inc. (NASDAQ:PLAY) and Domo Inc. (NASDAQ:DOMO) today.
What Is CNN Business Fear & Greed Index?
At a current reading of 34.0, the index remained in the “Fear” zone on Friday, versus a prior reading of 31.6.
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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