The CNN Money Fear & Greed Index showed a decline in market sentiment.
The Nasdaq Composite snapped a seven-day winning streak on Wednesday as investors digested retail sales data that showed a 1.1% month-over-month decline for December, beating market expectations of a 1% decline. was more Producer prices for final demand in the US fell 0.5% month-on-month in December.
Microsoft msft Shares fell on Wednesday after the company announced workforce cuts of about 10,000 employees amid lease consolidation, which will result in a $1.2 billion charge in Q2.
On Wednesday, the Dow fell nearly 614 points to close at 33,296.96. The S&P 500 fell 1.56% to 3,928.86 in the session, while the Nasdaq Composite dropped 1.24% to 10,957.01.
Investors await earnings results Procter & Gamble Company PG, Netflix, Inc. nflxAnd M&T Bank Corporation mtb today.
At the current reading of 57.0, the index remained in the “greed” zone as compared to the previous reading of 65.0.
What is the CNN Business Fear and Greed Index?
The Fear and Greed Index is a measure of the current market sentiment. This is on the grounds that high fear tends to put pressure on stock prices, while high greed has the opposite effect. The index is calculated on the basis of seven equally weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 indicates maximum greed.
Read next: “ Top real estate stocks may see a rally