The CNN Money Fear and Greed index showed a decline in overall market sentiment, with the index moving to the "Neutral" zone on Thursday.
U.S. stocks closed mostly lower on Thursday, with the S&P 500 retreating from a record level during the session.
On the economic data front, the Consumer Price Index in the U.S. slowed more than expected in June. Headline CPI inflation slowed from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis, below the 3.1% expected among economists, as tracked by TradingEconomics.
Shares of Delta Air Lines, Inc. (NYSE:DAL) fell 4% on Thursday after the company posted downbeat second-quarter earnings and issued a lower-than-expected third-quarter earnings outlook. PepsiCo Inc (NASDAQ:PEP) reported worse-than-expected second-quarter FY24 revenue.
Most sectors on the S&P 500 closed on a positive note, with real estate, utilities and materials stocks recording the biggest gains on Thursday. However, information technology and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 32 points to 39,753.75 on Thursday. The S&P 500 fell 0.88% at 5,584.54, while the Nasdaq Composite dipped 1.95% at 18,283.41 during Thursday's session.
Investors are awaiting earnings results from Citigroup (NYSE:C), JPMorgan Chase (NYSE:JPM) and Wells Fargo & Company (NYSE:WFC) today.
What is CNN Business Fear & Greed Index?
At a current reading of 51.8, the index moved to the "Neutral" zone on Thursday, versus a prior reading of 56.2.
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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