The CNN Money Fear and Greed Index showed some improvement in 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 gaining more than 500 points during the session after recording losses for four straight days, as crude oil retreated from above $100 a barrel.
All three major indices had recorded losses for four consecutive sessions, with the Dow notching its longest daily losing streak since late April. The Dow dropped 1.6%, while the S&P 500 lost 0.8%. The Nasdaq also declined around 0.7% last week.
The relief arrived in spite of an August inflation report that pushed the market-implied odds of a Federal Reserve rate hike next week to roughly 90%. Headline consumer prices rose 0.4% month-on-month in August, the most in three months, with a 3.9% surge in gasoline accounting for over a third of the increase and the annual rate holding at 3.4%.
Chewy Inc. (NYSE:CHWY) fell around 3% on Friday after JPMorgan downgraded the online pet retailer to Neutral from Overweight and cut its price target to $24 from $29. Kroger Co. (NYSE:KR) stock gained around 3% after the grocer reported second-quarter results that topped Wall Street expectations.
