The CNN Money Fear and Greed index showed a slight easing in the fear level but remained in the “Fear” zone on Thursday.
U.S. stocks settled lower on Thursday, amid rising Treasury yields. The U.S. inflation rate came in steady at 3.7% for September, compared to market estimates of 3.6%. U.S. initial jobless claims came in unchanged from the previous week at 209,000 in the week ended Oct. 7, compared to market expectations of 210,000.
Walgreens Boots Alliance Inc (NASDAQ:WBA) reported weaker-than-expected earnings for its fourth quarter on Thursday. Delta Air Lines Inc (NYSE:DAL) reported upbeat earnings for its third quarter on Thursday.
Most sectors on the S&P 500 closed on a negative note, with materials, real estate, and utilities stocks recording the biggest losses on Thursday. However, energy and information technology stocks bucked the overall market trend, closing the session slightly higher.
The Dow Jones closed lower by around 173 points to 33,631.14 on Thursday. The S&P 500 fell 0.62% at 4,349.61, while the Nasdaq Composite fell 0.63% at 13,574.22 during Thursday’s session.
Investors are awaiting earnings results from Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM), UnitedHealth Group Incorporated (NYSE:UNH), and Wells Fargo & Company (NYSE:WFC) today.
At a current reading of 35.3, the index remained in the “Fear” zone on Thursday, compared to a previous reading of 35.1.
What is the 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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