The CNN Money Fear and Greed index showed a decline in the overall market sentiment, with the index in the “Extreme Fear” zone on Thursday.
U.S. stocks settled mixed on Thursday, with the Dow Jones index ending its longest losing streak since 1974 during the session.
All the major indices initially rebounded at the start of the session, with the 30-stock index gaining more than 460 points, but they pared gains as the session went on.
Micron Technology, Inc. (NASDAQ:MU) shares dipped over 16% on Thursday after the company posted better-than-expected earnings for its first quarter, while sales missed expectations.
On the economic data front, the U.S. economy grew by an annualized rate of 3.1% in the third quarter compared to 2.8% in the second estimate and up from 3% in the previous quarter.
U.S. existing home sales rose by 4.8% from the previous month to an annualized rate of 4.15 million in November. U.S. initial jobless claims declined by 22,000 to 220,000 in the first week of December, compared to market estimates of 230,000.
Most sectors on the S&P 500 closed on a negative note, with materials, real estate, and energy stocks recording the biggest losses on Thursday. However, utilities and financials stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 15 points to 42,342.24 on Thursday. The S&P 500 fell 0.09% to 5,867.08, while the Nasdaq Composite declined 0.10% to close at 19,372.77 during Thursday's session.
Investors are awaiting earnings results from Carnival Corporation (NYSE:CCL) and Winnebago Industries, Inc. (NYSE:WGO) today.
What is CNN Business Fear & Greed Index?
At a current reading of 22.4, the index was in the “Extreme Fear” zone on Thursday, versus a prior reading of 22.5.
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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