Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index showed further decline in overall sentiment among U.S. investors on Wednesday.
U.S. stocks closed mixed on Wednesday, as investors digested hotter-than-expected inflation data for August. The annual inflation rate in the U.S. rose for a second consecutive month to 3.7% in August from 3.2% in the previous month, and also above market estimates of 3.6%. Consumer prices increased 0.6% month-over-month in August following a 0.2% growth in July.
Cracker Barrel Old Country Store Inc (NASDAQ: CBRL) reported fourth-quarter FY23 revenue growth of 0.8% year-on-year to $836.7 million, missing the analyst consensus of $842.61 million. Adjusted EPS of $1.79 beat the consensus estimate of $1.61.
Majority of sectors on the S&P 500 closed on a positive note, with utilities and consumer discretionary stocks recording the biggest gains on Wednesday. However, energy, industrials and real estate stocks closed lower during the session.
The Dow Jones closed lower by around 70 points to 34,575.53 on Wednesday. The S&P 500 rose 0.12% at 4,467.44, while the Nasdaq Composite added 0.29% at 13,813.58 during the session.
Investors are awaiting earnings results from Lennar Corporation (NYSE: LEN), Adobe Inc. (NASDAQ: ADBE) and Copart, Inc. (NASDAQ: CPRT) today.
At a current reading of 51.1, the index remained in the "Neutral" zone on Wednesday, compared to a previous reading of 52.2.
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.
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