The CNN Money Fear and Greed index showed an increase in the overall fear level, 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 2% during the session as a broader risk-off mood tightened its grip on the market. Nvidia Corp. (NASDAQ:NVDA) delivered another blockbuster quarter and raised its outlook.
A hotter-than-expected U.S. jobs report likely cooled any early enthusiasm for a tech rebound, as traders now think a December rate cut is less likely to occur.
Non-farm payrolls rose by 119,000 in September, more than double the 50,000 economists had forecast, further trimming hopes for a rate cut next month. Markets now assign a 64% probability that the Fed holds rates steady in December, according to CME FedWatch.
Walmart Inc. (NYSE:WMT) shares jumped more than 6% on Thursday after beating earnings expectations and raising guidance. Palo Alto Networks Inc. (NASDAQ:PANW) shares dipped more than 7% after the company reported first-quarter financial results and announced it will acquire Chronosphere.
Most sectors on the S&P 500 closed on a negative note, with information technology, consumer discretionary and industrials stocks recording the biggest losses on Thursday. However, consumer staples stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 387 points to 45,752.26 on Thursday. The S&P 500 dipped 1.56% to 6,538.76, while the Nasdaq Composite declined 2.15% to 22,078.05 during Thursday's session.
Investors are awaiting earnings results from BJ’s Wholesale Club Holdings Inc. (NYSE:BJ), IES Holdings Inc. (NASDAQ:IESC) and MINISO Group Holding Ltd. (NYSE:MNSO) today.
What is CNN Business Fear & Greed Index?
At a current reading of 6.5, the index remained in the “Extreme Fear” zone on Thursday, versus a prior reading of 14.9.
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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