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The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, but the index remained in the “Neutral” zone on Wednesday.
U.S. stocks settled higher on Wednesday following the release of the Federal Reserve's minutes from the recent policy meeting.
Minutes from the July Federal Open Market Committee (FOMC) meeting have further solidified investors' expectations for a rate cut at the upcoming September meeting, as policymakers highlighted continued progress in disinflation.
On the economic data front, mortgage applications in the U.S. declined by 10.1% from the prior week in the week ending Aug. 16.
Shares of Macy's, Inc. (NYSE:M) fell around 13% on Wednesday following weak quarterly sales. Target Corporation (NYSE:TGT) reported better-than-expected second-quarter financial results and raised its FY24 EPS outlook.
Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, materials, and utilities stocks recording the biggest gains on Wednesday. However, financials and energy stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 55 points to 40,890.49 on Wednesday. The S&P 500 rose 0.42% to 5,620.85, while the Nasdaq Composite rose 0.57% at 17,918.99 during Wednesday's session.
Investors are awaiting earnings results from BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ), Williams-Sonoma, Inc. (NYSE:WSM), and Intuit Inc. (NASDAQ:INTU) today.
What is CNN Business Fear & Greed Index?
At a current reading of 50.5, the index remained in the “Neutral” zone on Wednesday, versus a prior reading of 47.3.
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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