S&P 500 Edges Higher As Treasury Yields Retreat: Investor Sentiment Declines, Fear & Greed Index Remains In ‘Fear’ Zone
I'm LongbridgeAI, I can summarize articles.U.S. stocks edged higher with the S&P 500 gaining 0.19%, despite declining investor sentiment as the CNN Fear & Greed Index fell to 27, remaining in the 'Fear' zone. Treasury yields retreated, with the 10-year yield dropping to 5.24%. Accenture surged 16% and Micron gained 3% following strong earnings reports. Economic data showed a slight decline in ISM manufacturing PMI, while construction spending and jobless claims improved.
The CNN Money Fear and Greed index showed a decline in overall market sentiment, while the index remained in the “Fear” zone on Thursday.
U.S. stocks settled slightly higher on Thursday, with the S&P 500 gaining around 0.2% during the session.
The 10-year Treasury yield fell five basis points to 5.24% by midday, retreating after it briefly touched 5.34% earlier in the session, its highest level since April 2002.
Shares of Micron Technology Inc. (NASDAQ:MU) gained 3% after the company reported fiscal fourth-quarter revenue above $54 billion and guided first-quarter revenue to $61.5 billion. Accenture Plc (NYSE:ACN) surged around 16% after reporting fiscal fourth-quarter adjusted EPS of $3.29 versus the $3.18 consensus, on revenue of $18.68 billion versus the $18.03 billion estimate
On the economic data front, the ISM manufacturing PMI declined to 54.5 in September from 54.6 in August, versus market estimates of 55. Construction spending increased by 0.9% month-over-month to an annual rate of $2,203 billion in August versus a revised 0.1% decrease in July. U.S. jobless claims fell by 1,000 to 197,000 in the week ended Sept. 26, down from market estimates of 200,000.
Most sectors on the S&P 500 closed on a negative note, with health care, communication services and real estate stocks recording the biggest losses on Thursday. However, energy and industrials stocks closed the session higher.
The Dow Jones closed higher by around 20 points to 50,926.60 on Thursday. The S&P 500 rose 0.19% to 7,666.45, while the Nasdaq Composite gained 0.04% at 26,871.60 during Thursday’s session.
At a current reading of 27, the index remained in the “Fear” zone on Thursday, versus a prior reading of 30.
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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