The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index moved to the “Fear” zone on Thursday.
U.S. stocks settled lower on Thursday, with the Nasdaq Composite falling around 1.5% during the session amid a sell-off in tech stocks.
Shares of Micron Technology Inc. (NASDAQ:MU) and Advanced Micro Devices Inc. (NASDAQ:AMD) fell by more than 5% each on Thursday.
On the earnings front, UnitedHealth Group Inc. (NYSE:UNH) gained over 1% after posting adjusted earnings of $6.38 per share, above the $4.91 consensus. Abbott Laboratories (NYSE:ABT) jumped 10.7% after adjusted EPS of $1.31 topped the $1.28 estimate and the company raised its full-year outlook.
On the economic data front, U.S. retail sales increased 0.2% month-over-month in June, compared to a revised 1% gain in May and in line with market estimates. U.S. initial jobless claims fell by 8,000 to 208,000 in the week to July 11, compared to market estimates of 217,000.
Most sectors on the S&P 500 closed on a positive note, with consumer staples, health care and real estate stocks recording the biggest gains on Thursday. However, communication services and information technology stocks were among the worst performers.
The Dow Jones closed lower by around 106 points to 52,552.97 on Thursday. The S&P 500 dipped 0.51% to 7,533.77, while the Nasdaq Composite declined 1.47% at 25,881.95 during Thursday’s session.
Investors are awaiting earnings results from Travelers Companies Inc. (NYSE:TRV), Truist Financial Corp. (NYSE:TFC) and Fifth Third Bancorp (NYSE:FITB) today.
What Is CNN Business Fear & Greed Index?
At a current reading of 41.8, the index moved to the “Fear” zone on Thursday, versus a prior reading of 47.9.
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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