The CNN Money Fear and Greed index showed a decline in the overall market sentiment, with the index moving to the “Neutral” zone on Wednesday.
U.S. stocks closed mixed on Wednesday, with the Nasdaq Composite recording its worst session since Dec. 2022.
On the economic data front, industrial production in the U.S. climbed 0.6% from a month ago in June compared to market estimates of a 0.3% gain. U.S. housing starts increased by 3% from the prior month to an annualized rate of 1,314,000 in June, while building permits climbed by 3.4% to an annual rate of 1.446 million in June.
Most sectors on the S&P 500 closed on a positive note, with energy, consumer staples and financials stocks recording the biggest gains on Wednesday. However, communication services and information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 244 points to 41,198.08 on Wednesday. The S&P 500 fell 1.39% at 5,588.27, while the Nasdaq Composite dipped 2.77% at 17,996.92 during Wednesday's session.
Investors are awaiting earnings results from D.R. Horton, Inc. (NYSE:DHI), Abbott Laboratories (NYSE:ABT) and Netflix, Inc. (NASDAQ:NFLX) today.
What is CNN Business Fear & Greed Index?
At a current reading of 53.9, the index moved to the “Neutral” zone on Wednesday, versus a prior reading of 61.
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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