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The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, but the index remained in the "Greed" zone on Wednesday.
U.S. stocks closed mixed on Wednesday, with the Nasdaq Composite falling for a third straight session.
On the economic data front, U.S. mortgage applications fell by 10.6% on the week ending Feb. 16, 2024.
The minutes from the latest Federal Open Market Committee (FOMC) meeting underscored the Federal Reserve’s commitment to await more concrete evidence of a disinflationary trend before contemplating interest rate reductions.
Palo Alto Networks, Inc. (NASDAQ:PANW) shares fell more than 28% on Wednesday after the company issued third-quarter adjusted EPS and total revenue guidance below estimates. SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares dipped 12% after the company reported mixed fourth-quarter financial results and issued first-quarter revenue guidance below estimates.
Most sectors on the S&P 500 closed on a higher note, with consumer discretionary, energy and utilities stocks recording the biggest gains on Wednesday. However, information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 48 points to 38,612.24 on Wednesday. The S&P 500 rose 0.13% at 4,981.80, while the Nasdaq Composite fell 0.32% at 15,580.87 during Wednesday’s session.
Investors are awaiting earnings results from Block, Inc. (NYSE:SQ), PG&E Corporation (NYSE:PCG), Keurig Dr Pepper Inc. (NASDAQ:KDP) and Booking Holdings Inc. (NASDAQ:BKNG) today.
At a current reading of 69.7, the index remained in the "Greed" zone on Wednesday, versus a prior reading of 66.2.
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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