S&P Settles Slightly Higher Despite Middle East Concerns: Fear Index Remains In ‘Greed’ Zone
The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the “Greed” zone on Wednesday.
U.S. stocks settled slightly higher on Wednesday, amid increasing tensions in the Middle East.
NIKE, Inc. (NYSE:NKE) shares fell around 7% on Wednesday after multiple firms cut their respective price targets on the stock following a first-quarter revenue miss.
On the economic data front, private businesses in the U.S. added 143,000 workers to their payrolls during the month of September compared to a revised 103,000 gain in August and higher than market estimates of 124,000, the ADP said.
Most sectors on the S&P 500 closed on a negative note, with consumer discretionary, consumer staples, and communication services stocks recording the biggest losses on Wednesday. However, energy and information technology stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 40 points to 42,196.52 on Wednesday. The S&P 500 rose 0.01% to 5,709.54, while the Nasdaq Composite gained 0.08% at 17,925.12 during Tuesday’s session.
Investors are awaiting earnings results from Constellation Brands, Inc. (NYSE:STZ), and AngioDynamics, Inc. (NASDAQ:ANGO) today.
What is CNN Business Fear & Greed Index?
At a current reading of 68.4, the index remained in the “Greed” zone on Wednesday, versus a prior reading of 67.8.
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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