The CNN Money Fear and Greed Index showed no change in overall market sentiment, while the index remained in the “Fear” zone on Wednesday.
U.S. stocks settled lower on Wednesday, with the Dow Jones index falling more than 400 points during the session as Brent crude pushed above $100 a barrel for the first time since July and the 10-year Treasury yield climbed to a three-year high.
Markets are now pricing roughly a 60% chance of a 25-basis-point Fed hike after Friday’s strong jobs report, and a Reuters poll released Wednesday showed a rising number of economists now expect at least one increase.
Data on producer prices will be released on Thursday, while the consumer price index is scheduled for release on Friday, with headline CPI seen holding at 3.4% and core easing to 2.4%.
On the earnings front, Core & Main Inc. (NYSE:CNM) reported upbeat earnings for the second quarter. Signet Jewelers Ltd. (NYSE:SIG) shares jumped 24% on Wednesday after the company reported better-than-expected second-quarter earnings and raised its FY27 adjusted EPS guidance.
On the economic data front, the volume of mortgage applications dipped by 2.7% during the first week of September.
Most sectors on the S&P 500 closed on a negative note, with industrials, consumer discretionary and utilities stocks recording the biggest losses on Wednesday. However, energy stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 405 points to 52,380.66 on Wednesday. The S&P 500 fell 0.48% to 7,636.36, while the Nasdaq Composite declined 0.64% at 26,253.34 during Wednesday’s session.
Investors are awaiting earnings results from Macy’s Inc. (NYSE:M), Adobe Inc. (NASDAQ:ADBE) and Oracle Corp. (NYSE:ORCL) today.
What is CNN Business Fear & Greed Index?
At a current reading of 38.9, the index remained in the “Fear” zone on Wednesday, versus a prior reading of 38.9.
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 greed.
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