The CNN Money Fear and Greed index showed the index moving to "Greed" zone.
Wall Street closed mostly lower, with the Nasdaq and S&P 500 moving lower on Wednesday. Both indices snapped three-session winning streaks, as investors monitored earnings reports from big-tech stocks, including, Microsoft Corporation MSFTand Alphabet Inc. GOOG.
Shares of Harley-Davidson HOG gained around 13% on Wednesday after reporting upbeat quarterly earnings. The Boeing Company BA shares declined about 9% after the company posted a loss for the latest quarter.
Caterpillar Inc. CAT, McDonald's Corporation MCD, Mastercard Incorporated MA, Amazon.com, Inc. AMZN and Apple Inc. AAPL are all set to release quarterly earnings today.
The Dow rose 0.01% to close at 31,839.11 on Wednesday, while the S&P 500 fell 0.74% to 3,830.60. The Nasdaq Composite dipped 2.04% to settle at 10,970.99 in the previous session.
At a current reading of 57.0, the index moved to the "Greed" zone, following a previous reading of 54.0.
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.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.