The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the “Neutral” zone on Wednesday.
U.S. stocks settled mixed on Wednesday, with the Nasdaq Composite recording an all-time high during the session.
Shares of Macy’s Inc (NYSE:M) fell around 1% on Wednesday after the company reported third-quarter results. Alphabet Inc. (NASDAQ:GOOGL) shares gained 5.5% on Wednesday in a possible reaction to the unveiling of Gemini 2.0.
On the economic data front, the Consumer Price Index rose by 2.7% year-over-year in November 2024, exceeding October’s 2.6% reading and matching analyst estimates of 2.7%, according to TradingEconomics. This marks the second consecutive increase in annual inflation — a trend not seen since April.
Most sectors on the S&P 500 closed on a negative note, with healthcare, consumer staples, and utilities stocks recording the biggest losses on Wednesday. However, communication services and consumer discretionary stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 99 points to 44,148.56 on Wednesday. The S&P 500 rose 0.82% to 6,084.19, while the Nasdaq Composite climbed 1.77% to close at 20,034.89 during Wednesday's session.
Investors are awaiting earnings results from Ciena Corporation (NYSE:CIEN), Broadcom Inc. (NASDAQ:AVGO), and Costco Wholesale Corporation (NASDAQ:COST) today.
What is CNN Business Fear & Greed Index?
At a current reading of 51.66, the index remained in the “Neutral” zone on Wednesday, versus a prior reading of 47.5.
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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