Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index moved to the "Neutral" zone on Thursday.
U.S. stocks settled mixed on Thursday, with the Nasdaq Composite recording losses for the fourth straight session.
Apple Inc (NASDAQ: AAPL) shares fell 2.9% on Thursday amid reports of China expanding its ban on the use of iPhones to government-backed agencies and state companies.
C3.ai (NYSE: AI) shares declined more than 12% after the company said it does not expect to be profitable in the fourth quarter.
On the economic data front, U.S. initial jobless claims declined by 13,000 from the previous week's revised reading to 216,000 in the week ending Sept. 2, compared to market expectations of 234,000. Nonfarm business sector labor productivity increased by 3.5% in the second quarter, while unit labor costs climbed an annualized 2.2% during the period.
Traders now see around 43% probability of a rate hike in November. However, traders are pricing in a 93% chance that the US Federal Reserve will hold rates at September’s meeting.
Majority of sectors on the S&P 500 closed on a positive note, with utilities and real estate stocks recording the biggest gains on Thursday. However, information technology and materials stocks closed lower during the session.
The Dow Jones closed higher by around 58 points to 34,500.73 on Thursday. The S&P 500 fell 0.32% at 4,451.14, while the Nasdaq Composite lost 0.89% at 13,748.83 during the session.
Investors are awaiting earnings results from The Kroger Co. (NYSE: KR), Hooker Furnishings Corporation (NASDAQ: HOFT) and Rent the Runway, Inc. (NASDAQ: RENT) today.
At a current reading of 52.9, the index moved to the "Neutral" zone on Thursday, compared to a previous reading of 53.5.
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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