The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the "Fear" zone on Wednesday.

U.S. stocks closed mostly higher on Wednesday, with the Nasdaq Composite gaining around 0.5% during the session. The Nasdaq is on course to record a gain of 18.6% for the first half following a surge in NVIDIA Corporation (NASDAQ:NVDA) shares.

Amazon.com Inc (NASDAQ:AMZN) surged to new all-time highs on Wednesday amid multiple developments. BofA Securities analyst Justin Post maintained Amazon.com with a Buy and raised the price target from $210 to $220.

Most sectors on the S&P 500 closed on a negative note, with energy, financial and utilities stocks recording the biggest losses on Wednesday. However, information technology and consumer discretionary stocks bucked the overall market trend, closing the session higher.

The Dow Jones closed higher by over 15 points to 39,127.80 on Wednesday. The S&P 500 rose 0.16% at 5,477.90, while the Nasdaq Composite climbed 0.49% at 17,805.16 during Wednesday's session.

Investors are awaiting earnings results from Walgreens Boots Alliance, Inc. (NASDAQ:WBA), NIKE, Inc. (NYSE:NKE) and Acuity Brands, Inc. (NYSE:AYI) today.

What is CNN Business Fear & Greed Index?

At a current reading of 41.5, the index remained in the "Fear" zone on Wednesday, versus a prior reading of 39.1.

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.