The CNN Money Fear and Greed index showed some decline in the overall market sentiment, but the index remained in the “Greed” zone on Thursday.
U.S. stocks settled lower on Thursday, after the Dow Jones index briefly surged above the 40,000 mark for the first time.
The Dow has surged around 6% this year, while the S&P 500 gained about 11% in 2024.
On the economic data front, U.S. initial jobless claims declined by 10,000 to 222,000 in the week ending May 11, compared to market estimates of 220,000. U.S. industrial production came in little changed in April, compared to a 0.1% gain in March.
Deere & Co (NYSE:DE) reported upbeat second-quarter earnings, but lowered its net income 2024 outlook. Shares of Walmart Inc. (NYSE:WMT) gained 7% during Thursday’s session following better-than-expected quarterly earnings.
Most sectors on the S&P 500 closed on a negative note, with consumer discretionary, materials and industrials stocks recording the biggest losses on Thursday. However, consumer staples stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 39 points to 39,869.38 on Thursday. The S&P 500 fell 0.21% at 5,297.10, while the Nasdaq Composite slipped 0.26% at 16,698.32 during Thursday's session.
Investors are awaiting earnings results from H World Group Limited (NASDAQ:HTHT), RLX Technology Inc. (NYSE:RLX), and RBC Bearings Incorporated (NYSE:RBC) today.
At a current reading of 60.3, the index remained in the “Greed” zone on Thursday, versus a prior reading of 61.6.
What is CNN Business Fear & Greed Index?
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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