The CNN Money Fear and Greed index moved to the "Extreme Fear" zone on Wednesday.

U.S. stocks closed mixed, with the Dow Jones Industrial Average moving lower on Wednesday. The benchmark 10-year Treasury yield climbed to its highest level since 2007, while crude oil futures gained more than 3% during the session.

Investors remained concerned that the Federal Reserve’s commitment to keeping interest rates high for an extended period could slow the country’s economic growth.

On the economic data front, U.S. durable goods orders increased 0.2% month-over-month in August versus a revised 5.6% decline in July, and beating market expectations for a 0.5% fall.

Costco Wholesale Corporation (NASDAQ:COST) shares gained 1.9% on Wednesday after the company reported better-than-expected earnings and sales results for its fourth quarter.

Micron Technology, Inc. (NASDAQ:MU) posted upbeat results for its fourth quarter. However, the company said it sees a wider-than-expected loss for the first quarter.

Major sectors on the S&P 500 closed on a mixed note, with energy and industrials stocks recording the biggest gains on Wednesday. However, utilities and real estate stocks closed the session lower.

The Dow closed lower by around 69 points to 33,550.27 on Wednesday. The S&P 500 rose 0.02% at 4,274.51, while the Nasdaq Composite added 0.22% at 13,092.85 during Wednesday’s session. The S&P 500 is down by 5% month-to-date, while the Dow is down over 3%.

Investors are awaiting earnings results from Accenture plc (NYSE:ACN), Jabil Inc. (NYSE:JBL) and NIKE, Inc. (NYSE:NKE) today.

At a current reading of 25, the index moved to the "Extreme Fear" zone on Wednesday, compared to a previous reading of 25.5.

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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