The CNN Money Fear and Greed index remained in the “Extreme Fear” zone on Friday.

U.S. stocks settled mostly lower on Thursday, with the Dow Jones index falling more than 500 points during the session. The 30-stock index recorded losses for the third day, while all three major indices closed the holiday-shortened trading week on a lower note.

UnitedHealth Group Incorporated (NYSE:UNH) shares dipped over 22% on Thursday after the company reported worse-than-expected first-quarter results and cut its FY25 adjusted EPS guidance below estimates. Nvidia Corp. (NASDAQ:NVDA) shares fell around 3% on Thursday, after declining around 7% in the previous session.

However, Eli Lilly & Co. (NYSE:LLY) shares staged their sharpest single-day rally in nearly 25 years Thursday, after unveiling data from a pivotal trial that could cement its leadership in a weight-loss drug market projected to more than triple in size by 2030.

On the economic data front, U.S. housing starts dipped 11.4% month-over-month to an annualized rate of 1.324 million in March. U.S. initial jobless claims declined by 9,000 from the previous week to 215,000 during the second week of April, versus market estimates of 225,000. The Philadelphia Fed Manufacturing Index fell 39 points to a reading of -26.4 in April, and down from market estimates of 2.

Most sectors on the S&P 500 closed on a positive note, with energy, consumer staples, and real estate stocks recording the biggest gains on Thursday. However, information technology and health care stocks bucked the overall market trend, closing the session lower.

The Dow Jones closed lower by around 527 points to 39,142.23 on Thursday. The S&P 500 rose 0.13% to 5,282.70, while the Nasdaq Composite fell 0.13% to 16,286.45 during Thursday's session.

Investors are awaiting earnings results from Zions Bancorporation, National Association (NASDAQ:ZION), AZZ Inc. (NYSE:AZZ), and Comerica Incorporated (NYSE:CMA) today.

What is CNN Business Fear & Greed Index?

At a current reading of 20.9, the index remained in the “Extreme Fear” zone on Friday, versus a prior reading of 21.4.

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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