The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the “Greed” zone on Wednesday.
U.S. stocks settled lower on Wednesday, with the Dow Jones falling more than 200 points during the session. After a sharp Tuesday rally fueled by optimism over improved U.S.-EU trade ties, Wall Street stalled as rising Treasury yields reasserted pressure.
Macy’s Inc. M on Wednesday revised its annual outlook on initial and current tariffs, some moderation in consumer discretionary spending, and a heightened competitive promotional landscape. Abercrombie & Fitch Company ANF reported better-than-expected first-quarter earnings on Wednesday.
On the economic data front, the composite manufacturing index in the US Fifth District rose to -9 in May compared to -13 in April.
All sectors on the S&P 500 closed on a negative note, with utilities, materials and energy stocks recording the biggest losses on Wednesday.
The Dow Jones closed lower by around 245 points to 42,098.70 on Wednesday. The S&P 500 fell 0.56% to 5,888.55, while the Nasdaq Composite declined 0.51% at 19,100.94 during Wednesday's session.
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Investors are awaiting earnings results from Best Buy Co., Inc. BBY, Hormel Foods Corporation HRL and Dell Technologies Inc. DELL today.
At a current reading of 64.5, the index remained in the “Greed” zone on Wednesday, versus a prior reading of 65.3.
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.
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