Copyright Benzinga
The CNN Money Fear and Greed index showed some easing in the overall fear level, while the index remained in the “Extreme Fear” zone on Wednesday. U.S. stocks settled higher on Wednesday, with the Dow Jones index gaining more than 200 points during the session amid solid corporate earnings and growing signs that the Federal Reserve may be nearing another interest rate cut. The ADP National Employment Report — the key labor gauge in the absence of official government data during the ongoing shutdown — showed that private employers added 42,000 jobs in October, rebounding from the 32,000 jobs lost in September and beating economists' expectations for a 25,000 gain. Among mega-cap movers, Eli Lilly and Co. (NYSE:LLY) extended its post-earnings rally into a fifth straight session, with shares reaching their highest levels since September 2024. McDonald's Corp. (NYSE:MCD) reported weaker-than-expected earnings for the third quarter on Wednesday. Most sectors on the S&P 500 closed on a positive note, with communication services, consumer discretionary and materials stocks recording the biggest gains on Wednesday. However, consumer staples and information technology bucked the overall market trend, closing the session lower. The Dow Jones closed higher by around 226 points to 47,311.00 on Wednesday. The S&P 500 gained 0.37% to 6,796.29, while the Nasdaq Composite gained 0.65% to 23,499.80 during Wednesday's session. Investors are awaiting earnings results from Cummins Inc. (NYSE:CMI), Airbnb Inc. (NASDAQ:ABNB) and ConocoPhillips (NYSE:COP) today. What is CNN Business Fear & Greed Index? At a current reading of 24.1, the index remained in the “Extreme Fear” zone on Wednesday, versus a prior reading of 21.5. 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. Read Next: Top 2 Tech Stocks That May Crash This Month Photo via Shutterstock
