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The CNN Money Fear and Greed index showed a further increase in the overall fear level, with the index moving into the “Extreme Fear” zone on Thursday.
U.S. stocks settled lower on Thursday, with the Dow Jones index dipping around 800 points during the session despite federal agencies reopening after the longest government shutdown in U.S. history, as investors aggressively repriced Fed rate-cut expectations following a wave of hawkish remarks from central bank officials.
Among earnings movers, Walt Disney Co. (NYSE:DIS) tumbled around 8% as overall revenue missed Street's expectations. Cisco Systems Inc. (NASDAQ:CSCO) jumped 4.6% after beating analyst expectations and issuing positive guidance.
Most sectors on the S&P 500 closed on a negative note, with consumer discretionary, information technology and communication services stocks recording the biggest losses on Thursday. However, energy stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 798 points to 47,457.22 on Thursday. The S&P 500 dipped 1.66% to 6,737.49, while the Nasdaq Composite fell 2.29% to 22,870.36 during Thursday's session.
Investors are awaiting earnings results from Spire Inc. (NYSE:SR) and Legence Corp (NASDAQ:LGN) today.
At a current reading of 24.3, the index moved to the “Extreme Fear” zone on Thursday, versus a prior reading of 32.6.
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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