Benzinga - by Avi Kapoor, Benzinga Staff Writer.
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 closed lower on Thursday following the release of February PPI data. The Producer Price Index for final demand in the U.S. increased by 0.6% month over month, higher than market expectations of a 0.3% rise.
Other data released Thursday showed U.S. retail sales increased 0.6% month-over-month in February compared to a revised 1.1% decline in January and down from market estimates of a 0.8% surge. U.S. initial jobless claims declined by 1,000 to 209,000 in the week ended March 8, compared to market estimates of 218,000.
The US Federal Reserve is expected to keep rates unchanged at its meeting next week.
Shares of Robinhood Markets, Inc. (NASDAQ: HOOD) gained over 5% on Thursday after the company announced February’s operating data. Dick’s Sporting Goods Inc (NYSE: DKS) shares jumped 15% after the company reported better-than-expected fourth-quarter results and issued strong guidance.
Most sectors on the S&P 500 closed on a negative note, with real estate, consumer staples, and utilities stocks recording the biggest losses on Thursday. However, energy and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 138 points to 38,905.66 on Thursday. The S&P 500 fell 0.29% at 5,150.48, while the Nasdaq Composite dipped 0.30% at 16,128.53 during Thursday’s session.
Investors are awaiting earnings results from The Buckle, Inc. (NYSE: BKE), Jabil Inc. (NYSE: JBL) and Hibbett, Inc. (NASDAQ: HIBB) today.
At a current reading of 72.6, the index remained in the "Greed" zone on Thursday, versus a prior reading of 74.3.
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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