The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the "Neutral" zone on Thursday.
U.S. stocks settled lower on Thursday, with the Dow Jones index falling more than 200 points during the session. The S&P 500, meanwhile, recorded losses for a third session in a row.
Tesla, Inc. (NASDAQ:TSLA) shares gained 4.9% on Thursday after the company announced plans to roll out its full self-driving (FSD) driver assistance software in Europe and China in the first quarter of 2025. Shares of G-III Apparel Group, Ltd. (NASDAQ:GIII) jumped 22% during Thursday's session after the company reported better-than-expected second-quarter adjusted EPS results and issued its FY25 guidance above estimates.
On the economic data front, U.S. private businesses added 99,000 workers to their payrolls in August compared to a revised 111,000 gain in July and versus market estimates of 145,000. U.S. initial jobless claims fell by 5,000 from the prior week to 227,000 in the week ending August 31, compared to market estimates of 230,000.
Most sectors on the S&P 500 closed on a negative note, with healthcare, industrials, and financials stocks recording the biggest losses on Thursday. However, communication services and consumer discretionary stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 219 points to 40,755.75 on Thursday. The S&P 500 fell 0.30% to 5,503.41, while the Nasdaq Composite gained 0.25% at 17,127.66 during Thursday's session.
Investors are awaiting earnings results from ABM Industries Incorporated (NYSE:ABM), The Big Lots, Inc. (NYSE:BIG), and Brady Corporation (NYSE:BRC) today.
What is CNN Business Fear & Greed Index?
At a current reading of 46.8, the index remained in the "Neutral" zone on Thursday, versus a prior reading of 49.7.
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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