Investor Optimism Falls As Dow Ends Winning Streak

BY Benzinga | ECONOMIC | 11/17/23 05:49 AM EST

The CNN Money Fear and Greed index showed a decline in overall market sentiment, with the index moving to the "Neutral" zone on Thursday.

The Dow Jones closed lower on Thursday, snapping a four-day winning streak.

U.S. initial jobless claims climbed by 13,000 to 231,000 in the week ending Nov. 11, the highest in around three months, and compared to market estimates of 220,000. Export prices in the U.S. declined 1.1% month-over-month, while import prices fell by 0.8% month-over-month in October.

Shares of Walmart Inc. (WMT) fell around 8% on Thursday after the company reported third-quarter financial results. Cisco Systems, Inc. (CSCO) shares dipped 9.8% after the company cut FY24 guidance and issued second-quarter guidance below estimates.

Most sectors on the S&P 500 closed on a positive note, with communication services and information technology stocks recording the biggest gains on Thursday. However, energy, consumer staples, and consumer discretionary stocks bucked the overall market trend, closing the session lower.

The Dow Jones closed lower by around 46 points to 34,945.47 on Thursday. The S&P 500 rose 0.12% at 4,508.24, while the Nasdaq Composite climbed 0.07% at 14,113.67 during Thursday's session.

Investors are awaiting earnings results from Spectrum Brands Holdings, Inc. (SPB) , The Buckle, Inc. (BKE) , and BJ's Wholesale Club Holdings, Inc. today.

At a current reading of 54.9, the index moved to the "Neutral" zone on Thursday versus a prior reading of 56.1.

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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