The CNN Money Fear and Greed index showed a slight decline in the overall market sentiment, while the index remained in the “Fear” zone on Thursday.
U.S. stocks settled mixed on Thursday, with the Nasdaq Composite falling more than 100 points during the session despite a strong earnings report from Micron Technology Inc. (NASDAQ:MU).
Apple Inc. (NASDAQ:AAPL) shares fell more than 6% on Thursday after the company raised prices on several of its hardware products.
On the economic data front, the core PCE price index surged by 3.4% year-over-year in May, the most since October 2023. U.S. initial jobless claims fell by 12,000 to 215,000 in the third week of June, compared to market estimates of 225,000. U.S. durable goods orders fell by 4.5% month-over-month to $332 billion in May, following a revised 8.5% gain in April. The U.S. economy grew an annualized 2.1% in the first quarter, up from 0.5% in the fourth quarter.
Most sectors on the S&P 500 closed on a positive note, with health care, industrials and materials stocks recording the biggest gains on Thursday. However, consumer discretionary and consumer staples stocks closed the session lower.
The Dow Jones closed higher by around 72 points to 51,920.62 on Thursday. The S&P 500 fell 0.01% to 7,357.49, while the Nasdaq Composite dipped 0.46% at 25,358.60 during Thursday’s session.
Investors are awaiting earnings results from Apogee Enterprises Inc. (NASDAQ:APOG), Cineverse Corp. (NASDAQ:CNVS) and Beyond Air Inc. (NASDAQ:XAIR) today.
What Is CNN Business Fear & Greed Index?
At a current reading of 25.5, the index remained in the “Fear” zone on Thursday, versus a prior reading of 26.
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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