The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the “Greed” zone on Wednesday.
U.S. stocks settled mixed on Wednesday, with the Dow Jones index surging to a fresh record high driven by strong earnings reports.
Eli Lilly and Co. (NYSE:LLY) shares gained around 5% on Wednesday after the company reported better-than-expected second-quarter financial results. The Walt Disney Co. (NYSE:DIS) reported better-than-expected fiscal third-quarter earnings. Shares of Wynn Resorts Ltd (NASDAQ:WYNN) rose around 4% as the company reported better-than-expected quarterly financial results.
On the economic data front, ADP said private employers added just 44,000 jobs in July, the weakest in six months and well below the 70,000 consensus, while the ISM Services PMI came in at 54.1 versus 54.5 expected, with its employment sub-index sliding back into contraction at 47.4.
Most sectors on the S&P 500 closed on a positive note, with health care, financial and materials stocks recording the biggest gains on Wednesday. However, energy and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 263 points to 54,349.12 on Wednesday. The S&P 500 fell 0.17% to 7,723.55, while the Nasdaq Composite dipped 0.83% to 26,363.44 during Wednesday’s session.
Investors are awaiting earnings results from US Foods Holding Corp. (NYSE:USFD), Keurig Dr Pepper Inc. (NASDAQ:KDP) and ConocoPhillips (NYSE:COP) today.
What is CNN Business Fear & Greed Index?
At a current reading of 60, the index remained in the “Greed” zone on Wednesday, versus a prior reading of 59.
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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