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The CNN Money Fear and Greed index showed a slight decline in overall market sentiment, with the index moving to the “Greed” zone on Thursday.
U.S. stocks closed mixed on Thursday, with the Nasdaq Composite recording losses for a fifth straight session. The index has fallen around 4% since the Dec. 27 close, after surging around 43% in 2023.
Walgreens Boots Alliance Inc WBA posted upbeat earnings for its first quarter, but lowered its quarterly dividend.
On the economic data front, private businesses in the U.S. added 164,000 workers in December versus a revised 101,000 gain in November and topping market estimates of 115,000. U.S. initial jobless claims fell by 18,000 to 202,000 in the final week of 2023, compared to market estimates of 216,000.
Most sectors on the S&P 500 closed on a negative note, with energy and consumer discretionary stocks recording the biggest losses on Thursday. However, health care and financial stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 10 points to 37,440.34 on Thursday. The S&P 500 fell 0.34% at 4,688.68, while the Nasdaq Composite fell 0.56% at 14,510.30 during Thursday’s session.
Investors are awaiting earnings results from AngioDynamics, Inc. ANGO, The Greenbrier Companies, Inc. GBX and Constellation Brands, Inc. STZ today.
U.S. jobs report for the month of December will be released today. The US economy is expected to add 170,000 jobs in December.
At a current reading of 74.5, the index moved to the “Greed” zone on Thursday, versus a prior reading of 75.
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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