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The CNN Money Fear and Greed index moved to the “Neutral” zone after the Dow Jones dropped more than 300 points on Friday.
US stocks notched losses last week, with the Dow dropping 2.77% to record its worst week since September. The S&P also dipped around 3.3%, while the Nasdaq lost about 4%.
Data released Friday showed the Producer Price Index for final demand in the US increased 0.3% month-over-month in November, compared to the revised 0.3% rise in the previous month and above market expectations of 0.2%.
Investors now await the consumer price index, scheduled for release on Tuesday. Markets are expecting the Federal Reserve to announce a 50 basis point rate increase at Wednesday’s policy meeting.
Shares of Lululemon Athletica Inc. LULU dropped around 13% on Friday after the company reported Q3 financial results and issued guidance.
The Dow dipped around 305 points to close at 33,476.46 on Friday. The S&P 500 fell 0.73% to 3,934.38, while the Nasdaq Composite dropped 0.70% to settle at 11,004.62 in the previous session.
Oracle Corporation ORCL, Blue Bird Corporation BLBD and Coupa Software Incorporated COUP are set to report quarterly earnings today.
At a current reading of 54.0, the index moved to the “Neutral” zone, compared to a previous reading of 57.0.
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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Image and article originally from www.benzinga.com. Read the original article here.