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Stocks Mixed as Fear Index Hovers in Extreme Zone
9 Nov
Summary
- US stocks ended mixed on Friday with Nasdaq up.
- The economy added 165,000 jobs in October.
- Unemployment rate fell to 4.1%, below forecasts.
U.S. stocks experienced a mixed trading session on Friday, with the Nasdaq Composite achieving a gain of over 1% following sharp declines in the prior trading day. Major stock averages concluded the week on a downward trend; the Nasdaq lost 3.4%, the S&P 500 fell 2.7%, and the Dow Jones Industrial Average saw a 0.9% decrease.
The CNN Money Fear and Greed Index registered 22, indicating continued "Extreme Fear" among investors. This sentiment measure, ranging from 0 (maximum fear) to 100 (maximum greed), is calculated using seven equally weighted indicators.
Economic data released on Friday revealed robust job growth in October, with 165,000 jobs added, far surpassing the anticipated 65,000. The unemployment rate also decreased to 4.1%, below the projected 4.2%. Average hourly earnings showed a 0.4% increase from September and a 3.1% rise year-over-year.
Sector performance varied, with consumer staples, financial, and real estate stocks experiencing the most significant losses. Conversely, information technology and communication services demonstrated strength. DraftKings Inc. shares plummeted around 21% after the company reported weaker-than-expected financial results and reduced its FY26 sales guidance. Charter Communications Inc. also saw its stock fall approximately 6% following its third-quarter earnings report.
