The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the “Fear” zone on Wednesday.
U.S. stocks settled lower on Wednesday, with the Nasdaq Composite falling around 2% during the session.
Major tech stocks, including Meta Platforms Inc. META and Amazon.com Inc. AMZN, fell more than 2% on Wednesday, while Alphabet Inc. GOOG GOOGL declined over 3% during the session.
On the economic data front, February saw U.S. new orders for manufactured durable goods rise 0.9% month over month to $289.3 billion.
Most sectors on the S&P 500 closed on a negative note, with consumer discretionary, communication services, and information technology stocks recording the biggest losses on Wednesday. However, utilities and consumer staples stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 133 points to 42,454.79 on Wednesday. The S&P 500 dipped 1.12% to 5,712.20, while the Nasdaq Composite tumbled 2.04% to 17,899.02 during Wednesday’s session.
Investors are awaiting earnings results from TD SYNNEX Corp. SNX, Winnebago Industries Inc. WGO, and Lululemon Athletica Inc. LULU today.
What is the CNN Business Fear & Greed Index?
At a current reading of 28.6, the index remained in the “Fear” zone on Wednesday, versus a prior reading of 30.5.
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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