The CNN Money Fear and Greed index showed a slight improvement in the overall market sentiment, while the index remained in the "Greed" zone on Wednesday.
U.S. stocks settled mixed on Wednesday, as investors digested the recent inflation data. The U.S. annual inflation rate rose to 2.6% in October from 2.4% in the previous month, in line with market estimates. The CPI rose 0.2% month-over-month in October.
Shares of Rumble Inc. (NASDAQ:RUM) fell around 10% on Wednesday after the company posted downbeat third-quarter results. CyberArk Software Ltd (NASDAQ:CYBR) reported better-than-expected earnings for its third quarter.
Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, energy, and real estate stocks recording the biggest gains on Wednesday. However, information technology and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 47 points to 43,958.19 on Wednesday. The S&P 500 rose 0.02% to 5,985.38, while the Nasdaq Composite fell 0.26% at 19,230.73 during Wednesday's session.
Investors are awaiting earnings results from The Walt Disney Company (NYSE:DIS), Advance Auto Parts, Inc. (NYSE:AAP), and Applied Materials, Inc. (NASDAQ:AMAT) today.
What is CNN Business Fear & Greed Index?
At a current reading of 67.5, the index remained in the "Greed" zone on Wednesday, versus a prior reading of 66.5.
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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