Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index showed growth in the overall fear level, with the index remaining in the "Fear" zone on Thursday.
U.S. stocks closed lower on Thursday, with the S&P 500 snapping an eight-session winning streak amid an increase in bond yields. The benchmark 10-year Treasury yield increased around 12 basis points at 4.634% during Thursday’s session.
The Fed Chair Jerome Powell stated that despite progress on the inflation front, there is still a substantial distance to cover to achieve the 2% target.
The Walt Disney Company (NYSE: DIS) shares gained 6.9% on Thursday after the company reported better-than-expected fourth-quarter earnings. Arm Holdings plc (NASDAQ: ARM) shares fell over 5% after the company reported second-quarter financial results and issued guidance.
On the economic data front, U.S. initial jobless claims fell by 3,000 to 217,000 in the week ending Nov. 9, compared to market estimates of 218,000.
All sectors on the S&P 500 closed on a negative note, with health care, consumer discretionary and real estate stocks recording the biggest losses on Thursday.
The Dow Jones closed lower by around 220 points to 33,891.94 on Thursday. The S&P 500 fell 0.81% at 4,347.35, while the Nasdaq Composite fell 0.94% at 13,521.45 during Thursday’s session.
Investors are awaiting earnings results from StoneCo Ltd. (NASDAQ: STNE), Soho House & Co Inc. (NYSE: SHCO) and Algonquin Power & Utilities Corp. (NYSE: AQN) today.
At a current reading of 41.4, the index remained in the "Fear" zone on Thursday, versus a prior reading of 42.9.
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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