The CNN Money Fear and Greed index showed further decline in the overall market sentiment, while the index remained in the “Extreme Fear” zone on Thursday.
U.S. stocks settled lower on Thursday, with the Nasdaq Composite dipping more than 500 points during the session.
Nvidia Corp. (NASDAQ:NVDA) shares plunged more than 8% on Thursday after the company released fourth-quarter results.
On the economic data front, the second estimate released Thursday by the U.S. Bureau of Economic Analysis revised fourth quarter 2024 real GDP up by less than 0.1 percentage point, due mainly to higher-than-expected increases in government spending and exports.
Thursday’s data also showed initial jobless claims rose by 22,000 from the previous week to 242,000, the most in over two months and above market expectations of 221,000, indicating further softening of the job market.
Most sectors on the S&P 500 closed on a negative note, with information technology, communication services and information technology stocks recording the biggest losses on Tuesday. However, financial and energy stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 194 points to 43,239.50 on Thursday. The S&P 500 fell 1.59% to 5,861.57, while the Nasdaq Composite fell 2.78% at 18,544.42 during Thursday's session.
Investors are awaiting earnings results from Global Partners LP (NYSE:GLP), Owens & Minor Inc. (NYSE:OMI) and Chart Industries Inc. (NYSE:GTLS) today.
What is CNN Business Fear & Greed Index?
At a current reading of 18.4, the index remained in the “Extreme Fear” zone on Thursday, versus a prior reading of 21.3.
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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