The stove-hot market showed increased optimism, albeit remaining in the “Extreme Greed” territory according to the CNN Money Fear and Greed index on Thursday.
On Thursday, the Nasdaq Composite ignited to a record-high close, its first since November of 2021. The tech-heavy index soared by a staggering 6.12%, with the S&P 500 adding 5.17% in the month of February. Over the same period, the Dow climbed by 2.22%, marking the fourth consecutive month of gains.
Hayward Holdings, Inc. (NYSE:HAYW) surged by around 13% after impressing investors with stronger-than-expected fourth-quarter results. In contrast, Snowflake Inc. (NYSE:SNOW) experienced an 18% dip following its fourth-quarter financial results and announced CEO transition.
The latest economic data revealed a slight dip in the annual PCE inflation rate, easing from 2.6% in December 2023 to 2.4% in January 2024. The core PCE index, excluding energy and food, saw a year-on-year surge of 2.8%, slightly lower than December’s rate of 2.9% as expected. Initial jobless claims in the U.S. climbed by 13,000 to 215,000 for the week ending on February 24.
The majority of sectors within the S&P 500 ended positively, with communication services, information technology, and consumer discretionary stocks standing out with notable gains. However, healthcare and consumer staples painted a different picture, closing the session in the red.
By the closing bell on Thursday, the Dow Jones ascended by 47 points to 38,996.39. The S&P 500 inched up by 0.52% to 5,096.27, while the Nasdaq Composite surged by 0.90% to 16,091.92.
Investors eagerly anticipate earnings reports from Plug Power Inc. (NASDAQ:PLUG), EchoStar Corporation (NASDAQ:SATS), and FuboTV Inc. (NYSE:FUBO) today.
The Fear & Greed Index remained at 79.1 on Thursday, indicating an “Extreme Greed” sentiment, slightly up from the previous reading of 78.1.
A Glimpse into the CNN Business Fear & Greed Index
The Fear & Greed Index serves as a barometer of the prevailing market sentiment, highlighting the impact of fear and greed on stock prices. The index, which is derived from seven indicators of equal weight, spans from 0 to 100, with 0 symbolizing maximum fear and 100 representing peak greediness.
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