Dow Snaps 4-Session Win Amid Weak Economic Data: Investor Sentiment Declines, Fear & Greed Index Moves To 'Neutral' Zone
The CNN Money Fear and Greed index showed some decline in the overall market sentiment, while the index moved to the “Neutral” zone on Wednesday.
U.S. stocks settled mixed on Wednesday, with the Dow Jones index snapping a four-session winning streak.
Yext Inc. (NYSE:YEXT) shares jumped 32% on Wednesday after the company raised its FY26 adjusted EPS guidance above estimates. Dollar Tree Inc. (NASDAQ:DLTR) shares dipped over 8% after the company posted first-quarter results.
On the economic data front, the ISM services PMI dipped to 49.9 in May versus 51.6 in the previous month and also missed market estimates of 52. U.S. private businesses added 37K workers to their payrolls during May, versus a revised 60K gain in the previous month.
Most sectors on the S&P 500 closed on a positive note, with communication services, materials 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 92 points to 42,427.74 on Wednesday. The S&P 500 gained 0.01% to 5,970.81, while the Nasdaq Composite climbed 0.32% to 19,460.49 during Wednesday's session.
Investors are awaiting earnings results from Ciena Corp. (NYSE:CIEN), The Toro Co. (NYSE:TTC) and Broadcom Inc. (NASDAQ:AVGO) today.
What is CNN Business Fear & Greed Index?
At a current reading of 54.3, the index moved to the “Neutral” zone on Wednesday, versus a prior reading of 56.1.
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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