The CNN Money Fear and Greed index showed growth in the overall fear level but remained in the "Fear" zone on Thursday.
U.S. stocks closed lower on Thursday, following comments from Federal Reserve Chair Jerome Powell. He acknowledged the persistence of elevated inflation levels, stating, “Incoming data over recent months show ongoing progress toward both of our dual mandate goals — maximum employment and stable prices.”
Traders see around a 97% chance that the central bank will keep rates unchanged at its next policy meeting.
Tesla, Inc. TSLA shares fell 9.3% on Thursday after the company reported worse-than-expected third-quarter financial results. Netflix, Inc. NFLX shares jumped 16% after reporting better-than-expected results for its third quarter.
On the economic data front, U.S. jobless claims declined by 13,000 from the previous week to 198,000 in the week ending October 14, compared to market expectations of 212,000.
Most sectors on the S&P 500 closed on a negative note, with real estate and consumer discretionary stocks recording the biggest losses on Thursday. However, communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 250 points to 33,414.17 on Thursday. The S&P 500 fell 0.85% at 4,278.00, while the Nasdaq Composite fell 0.96% at 13,186.18 during Thursday’s session.
Investors are awaiting earnings results from American Express Company AXP, Schlumberger Limited SLB, and Huntington Bancshares Incorporated HBAN today.
At a current reading of 28.4, the index remained in the "Fear" zone on Thursday, compared to a previous reading of 35.5.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
