The CNN Money Fear and Greed index showed further drop in overall sentiment among U.S. investors on Thursday.
The Dow Jones closed lower for the fourth straight session amid a drop in The Walt Disney Company DIS shares. Disney shares dropped 8.7% on Thursday after the company reported a drop in Disney+ paid subscribers.
The producer price index rose just 0.2% on a monthly basis during April, versus economists’ expectations for a 0.3% rise. The consumer price index, released Wednesday, showed inflation increasing 4.9% year-over-year in April.
The Dow Jones closed lower by around 222 points to 33,309.51 on Thursday. The S&P 500 fell 0.17% at 4,130.62, while the Nasdaq Composite rose 0.18% to settle at 12,328.51 during the session.
Investors are awaiting earnings results from Spectrum Brands Holdings, Inc. SPB and Crescent Point Energy Corp. CPG today.
At a current reading of 59.0, the index remained in the “Greed” zone, versus a previous reading of 60.0
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.