The CNN Money Fear and Greed index showed further decline in the overall market sentiment, while the index remained in the “Extreme Fear” zone on Friday.

U.S. stocks settled lower on Thursday, with the Dow Jones index tumbling over 2,200 points during the session.

Tesla Inc ( TSLA ). shares dipped over 10% on Friday, Nvidia Corp. ( NVDA ) lost 7.4%, while Apple Inc ( AAPL ). dipped 7.3% during the session.

On the economic data front, in March, nonfarm payrolls surged by 228,000, the Bureau of Labor Statistics reported Friday. The outcome is well above the three-month average of 195,000 and topped economists' forecasts of 135,000. February’s employment growth was downwardly revised to 117,000. The unemployment rate unexpectedly inched higher from 4.1% to 4.2%, defying expectations for no change. Average hourly earnings increased 0.3% from February's pace, as predicted, and rose 3.8% year-over-year, marginally lower than the 3.9% predicted.

Most sectors on the S&P 500 closed on a negative note, with financial, energy, and information technology stocks recording the biggest losses on Friday. However, consumer staples stocks bucked the overall market trend, closing the session higher.

The Dow Jones closed lower by around 2,231 points to 38,314.86 on Friday. The S&P 500 dipped 5.97% to 5,074.08, while the Nasdaq Composite tumbled 5.82% to 15,587.79 during Friday's session.

Investors are awaiting earnings results from Levi Strauss & Co ( LEVI ). , Dave & Buster’s Entertainment, Inc. , and The Greenbrier Companies Inc ( GBX ). today.

What is CNN Business Fear & Greed Index?

At a current reading of 4.2, the index remained in the “Extreme Fear” zone on Friday, versus a prior reading of 6.0.

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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