The CNN Money Fear and Greed index showed an increase in the overall fear level, while the index remained in the “Fear” zone on Thursday.
U.S. stocks settled lower on Thursday, with the S&P 500 and Nasdaq Composite declining for five consecutive sessions, recording their longest losing streaks since April.
Tesla, Inc. TSLA shares fell over 6% on Thursday following fourth-quarter production and delivery data.
On the economic data front, U.S. initial jobless claims fell by 9,000 from the previous week to a reading of 211,000 in the final week of 2024, versus market estimates of 222,000. The S&P Global manufacturing PMI declined to 49.4 in December compared to 49.7 in the prior month, versus a revised preliminary reading of 48.3. U.S. construction spending unexpectedly stalled month-over-month to an annual rate of $2,153 billion in November compared to a revised 0.5% gain in October and missing market estimates of a 0.3% rise.
Most sectors on the S&P 500 closed on a negative note, with consumer discretionary, materials, and real estate stocks recording the biggest losses on Thursday. However, energy and utilities stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 152 points to 42,392.27 on Thursday. The S&P 500 fell 0.22% to 5,868.55, while the Nasdaq Composite dipped 0.16% to 19,280.79 during Thursday's session.
What is CNN Business Fear & Greed Index?
At a current reading of 26.1, the index remained in the “Fear” zone on Thursday, versus a prior reading of 27.7.
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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