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, with the S&P 500 and Dow Jones index retreating from record high levels during the session.
On the economic data front, U.S. initial jobless claims rose by 33,000 from the prior week to 258,000 in the week ending October 5th, compared to market estimates of 230,000. The annual inflation rate in the U.S. eased for a sixth straight month to 2.4% in September from 2.5% in the previous month but came in above market estimates of 2.3%.
Domino’s Pizza Inc. DPZ reported mixed third-quarter results on Thursday. Delta Air Lines, Inc. DAL reported downbeat third-quarter earnings on Thursday.
Most sectors on the S&P 500 closed on a negative note, with real estate, communication services, and industrial stocks recording the biggest losses on Thursday. However, energy and materials stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 58 points to 42,454.12 on Thursday. The S&P 500 fell 0.21% to 5,780.05, while the Nasdaq Composite fell 0.05% at 18,282.05 during Thursday's session.
Investors are awaiting earnings results from JPMorgan Chase & Co. JPM, Wells Fargo & Company WFC, and Fastenal Company FAST today.
What is CNN Business Fear & Greed Index?
At a current reading of 70.7, the index remained in the “Greed” zone on Thursday, versus a prior reading of 71.4.
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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