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The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the “Neutral” zone on Wednesday.
U.S. stocks settled mostly higher on Wednesday, with the Nasdaq Composite surging more than 1% during the session, also hitting fresh all-time intraday and closing highs following another relentless surge in technology stocks.
The AI frenzy is still in full swing. Advanced Micro Devices Inc. (NASDAQ:AMD) surged over 11%, while Micron Technology Inc. (NASDAQ:MU) gained around 6%.
AMD has recorded sharp gains in the past three sessions following its landmark investment in OpenAI, marking its strongest three-day rally since April 2016.
Most sectors on the S&P 500 closed on a positive note, with industrials, information technology and utilities stocks recording the biggest gains on Wednesday. However, energy and financial stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed lower by around 1 point to 46,601.78 on Wednesday. The S&P 500 rose 0.58% to 6,753.72, while the Nasdaq Composite jumped 1.12% at 23,043.38 during Wednesday's session.
Investors are awaiting earnings results from PepsiCo Inc. (NASDAQ:PEP), Delta Air Lines Inc. (NYSE:DAL) and Levi Strauss & Co. (NYSE:LEVI) today.
What is CNN Business Fear & Greed Index?
At a current reading of 53.4, the index remained in the “Neutral” zone on Wednesday, versus a prior reading of 50.4.
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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