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The CNN Money Fear and Greed index showed some decline in the overall market sentiment, while the index remained in the “Greed” zone on Wednesday.
U.S. stocks settled lower on Wednesday, with the Dow Jones index falling more than 150 points during the session after Federal Reserve Chair Jerome Powell said "no decision" has been made on a September rate cut.
On Wednesday, the Federal Reserve held interest rates steady at 4.25%-4.50% as expected, yet two members broke ranks to support a rate cut, marking the most divided Fed meeting in over three decades.
Wingstop Inc. (NASDAQ:WING) shares jumped around 27% on Wednesday after the company reported better-than-expected second-quarter EPS and sales. Avis Budget Group, Inc. (NASDAQ:CAR) fell 15% following worse-than-expected quarterly EPS and sales.
On the economic data front, U.S. pending home sales declined by 0.8% from the previous month in May, following a 1.8% gain in April. The U.S. economy expanded at an annualized rate of 3% in the second quarter following a 0.5% contraction in the previous quarter. Private businesses in the U.S. added 104,000 jobs in July, compared to market estimates of a 75,000 increase.
Most sectors on the S&P 500 closed on a negative note, with materials, real estate and energy 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 172 points to 44,461.28 on Wednesday. The S&P 500 fell 0.12% to 6,362.90, while the Nasdaq Composite gained 0.15% to 21,129.67 during Wednesday's session.
Investors are awaiting earnings results from Apple Inc. (NASDAQ:AAPL), Amazon.com Inc. (NASDAQ:AMZN) and Bristol-Myers Squibb Co. (NYSE:BMY) today.
What is CNN Business Fear & Greed Index?
At a current reading of 66.7, the index remained in the “Greed” zone on Wednesday, versus a prior reading of 68.1.
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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