The CNN Money Fear and Greed index remained in the “Extreme Fear” zone on Thursday.
U.S. stocks settled lower on Thursday, with the Dow Jones index dipping more than 400 points during the session as U.S. tariffs on Canadian, Mexican and Chinese imports took effect and trade partners responded with retaliatory levies on U.S. goods.
Kroger Co. (NYSE:KR) posted better-than-expected earnings for its fourth quarter on Thursday.
On the economic data front, the U.S. reported a record trade deficit of $131.4 billion in January compared to a revised $98.1 billion gap in the previous month. Unit labor costs in the nonfarm business sector rose 2.2% in the fourth quarter compared to preliminary expectations of 3%. Initial jobless claims declined by 21,000 from the previous week to 221,000 during the last week of February, compared to market estimates of 235,000.
Most sectors on the S&P 500 closed on a negative note, with real estate, information technology and consumer discretionary stocks recording the biggest losses on Thursday. However, energy stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 428 points to 42,579.08 on Thursday. The S&P 500 fell 1.78% to 5,738.52, while the Nasdaq Composite dipped 2.61% at 18,069.26 during Thursday's session.
Investors are awaiting earnings results from Algonquin Power & Utilities Corp. (NYSE:AQN), Genesco Inc. (NYSE:GCO) and Advantage Solutions Inc. (NYSE:ADV) today.
What is CNN Business Fear & Greed Index?
At a current reading of 17.26, the index remained in the “Extreme Fear” zone on Thursday, versus a prior reading of 17.29.
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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