The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the “Greed” zone on Thursday.
U.S. stocks settled lower on Thursday ahead of the much-awaited jobs report for November, with the Dow Jones index falling more than 200 points during the session. All three major indices notched solid gains on Wednesday, posting record closes.
Kroger Company KR reported weaker-than-expected sales for the third quarter on Thursday. Dollar General Corporation DG reported third-quarter adjusted EPS of 89 cents, down 29.4% year-over-year, missing the consensus of 94 cents.
On the economic data front, U.S. initial jobless claims increased to 224,000 in the week ending Nov. 30, compared to 213,000 in the previous week, and higher than market estimates of 215,000. U.S. trade deficit shrank to $73.8 billion in October versus a revised $83.8 billion gap in the previous month and compared to market estimates of a $75 billion gap.
Most sectors on the S&P 500 closed on a negative note, with industrials, materials, and healthcare stocks recording the biggest losses on Thursday. However, consumer discretionary and consumer staples stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 248 points to 44,765.71 on Thursday. The S&P 500 fell 0.19% to 6,075.11, while the Nasdaq Composite fell 0.17% to close at 19,700.72 during Thursday's session.
Investors are awaiting earnings results from Genesco Inc. GCO, BRP Inc. DOOO, and Kirkland’s, Inc. KIRK today.
What is CNN Business Fear & Greed Index?
At a current reading of 55.8, the index remained in the “Greed” zone on Thursday, versus a prior reading of 56.9.
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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