The CNN Money Fear and Greed index moved to the “Greed” zone again after the US released mixed jobs report for the month of October.
The recent jobs report left investors divided, increasing concerns over the Federal Reserve’s aggressive rate-hiking campaign. The country’s economy added 261,000 jobs in October, while the unemployment rate increased to 3.7% during the month.
Hopes of a reopening in China sent shares of US-listed China companies higher on Friday.
On the earnings front, shares of Block, Inc. SQ jumped more than 11% on Friday after the company reported better-than-expected Q3 results. Atlassian Corporation TEAM shares dipped 29% after the company reported worse-than-expected Q1 earnings results and issued downbeat Q2 sales guidance.
Stocks moved higher on Friday, but settled the week lower, with the Dow Jones dropping around 1.4%, snapping four weeks of gains.
Activision Blizzard, Inc. ATVI, Take-Two Interactive Software, Inc. TTWO, The Mosaic Company MOS and HF Sinclair Corporation DINO are set to report quarterly earnings today.
Investors also await midterm elections along with the release of CPI report this week.
The Dow jumped 1.26% to close at 32,403.22 on Friday. The S&P 500 surged 1.36% to 3,770.55, while the Nasdaq Composite jumped 1.28% to settle at 10,475.25 in the previous session.
At a current reading of 60.0, the index moved to the “Greed” zone, unchanged from a previous reading of 55.0.
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.
Image and article originally from www.benzinga.com. Read the original article here.