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The CNN Money Fear and Greed index was in the “Neutral” zone on Wednesday.
U.S. stocks settled mixed on Wednesday, with the Dow Jones index falling around 0.1% during the session as traders weighed geopolitical uncertainty and awaited the Federal Reserve’s June policy decision. President Donald Trump declined to offer a clear response on whether the U.S. would directly intervene in the escalating Israel-Iran conflict.
The US Federal Reserve left interest rates unchanged at its recent meeting.
Guild Holdings Company (NASDAQ:GHLD) shares jumped over 25% on Wednesday after the company announced that it signed a definitive agreement under which a fund managed by Bayview Asset Management will acquire all of the outstanding shares.
On the economic front, U.S. initial jobless claims fell by 5,000 from the previous week to 245,000 in the week ending June 14, in line with market estimates. U.S. housing starts fell by 9.8% month-over-month to an adjusted annual rate of 1.256 million units in May.
Most sectors on the S&P 500 closed on a negative note, with energy, materials and communication services stocks recording the biggest losses on Wednesday. However, information technology and utilities stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by over 44 points to 42,171.66 on Wednesday. The S&P 500 fell 0.03% to 5,980.87, while the Nasdaq Composite gained 0.13% at 19,546.27 during Wednesday's session.
Investors are awaiting earnings results from Accenture plc (NYSE:ACN), CarMax, Inc. (NYSE:KMX) and The Kroger Co. (NYSE:KR) today.
What is CNN Business Fear & Greed Index?
At a current reading of 53.5, the index was in the “Neutral” zone on Wednesday, versus a prior reading of 61.5.
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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