Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index remained in the "Fear" zone on Wednesday.
U.S. stocks closed mixed on Wednesday, with the S&P 500 recording gains for the eighth straight day.
As far as the earnings season is concerned, around 88% of the S&P 500 companies have released quarterly results, with over 88% exceeding earnings estimates.
Robinhood Markets, Inc. (NASDAQ: HOOD) shares fell over 14% on Wednesday after the company reported mixed third-quarter financial results and issued guidance. Roblox Corporation (NASDAQ: RBLX) shares rose around 12% after the company reported third-quarter financial results.
On the economic data front, U.S. wholesale inventories rose by 0.2% month-over-month in September compared to a 0.1% decline in the prior month.
Investors are awaiting comments from Federal Reserve Chair Jerome Powell today.
Most sectors on the S&P 500 closed on a positive note, with information technology and real estate stocks recording the biggest gains on Wednesday. However, energy and utilities stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed lower by around 40 points to 34,112.27 on Wednesday. The S&P 500 rose 0.10% at 4,382.78, while the Nasdaq Composite gained 0.08% at 13,650.41 during Wednesday’s session.
Investors are awaiting earnings results from Becton, Dickinson and Company (NYSE: BDX), US Foods Holding Corp. (NYSE: USFD), and Wynn Resorts, Limited (NASDAQ: WYNN) today.
At a current reading of 40, the index remained in the "Fear" zone on Tuesday, versus a prior reading of 40.3.
What is CNN Business Fear & Greed Index?
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.
Read Next: Top 4 Tech Stocks That May Implode This Month
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.