The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the "Greed" zone on Thursday.
U.S. stocks settled lower on Thursday, amid growing concerns in the Middle East. All three major indices are on course to record losses this week, with the Dow and S&P 500 losing 0.7% each.
Shares of Levi Strauss & Co. (NYSE:LEVI) fell around 8% on Thursday after the company reported worse-than-expected third-quarter sales results and issued its FY24 adjusted EPS guidance with its midpoint below estimates. The company began a strategic review for its Dockers brand and is exploring a potential sale or other strategic transactions.
On the economic data front, U.S. initial jobless claims increased by 6,000 from the prior week to 225,000 during the week ended Sept. 28, compared to market estimates of 220,000. The S&P Global services PMI was revised lower to 55.2 in September compared to a preliminary reading of 55.4, versus a reading of 55.7 in August. The S&P Global U.S. composite PMI sipped to 54 in September versus a preliminary reading of 54.4, and versus 54.6 in August.
Most sectors on the S&P 500 closed on a negative note, with consumer discretionary, materials, and real estate stocks recording the biggest losses on Thursday. However, energy and information technology stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 185 points to 42,011.59 on Thursday. The S&P 500 fell 0.17% to 5,699.94, while the Nasdaq Composite slipped 0.04% at 17,918.47 during Thursday's session.
Investors are awaiting earnings results from Apogee Enterprises, Inc. (NASDAQ:APOG) today.
What is CNN Business Fear & Greed Index?
At a current reading of 67.2, the index remained in the "Greed" zone on Thursday, versus a prior reading of 69.9.
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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