Investor Sentiment Dips Further After Dow Falls for Fourth Straight Session – Best Buy Company (NYSE: BBY), Abercrombie & Fitch (NYSE: ANF)

The CNN Money Fear and Greed Index showed a further deterioration in overall sentiment among US investors on Wednesday.

The Dow Jones declined for the fourth day in a row due to debt ceiling uncertainty. US stocks resumed their decline following the publication of the May FOMC meeting minutes.

Abercrombie & Fitch Company ANF Shares soared 31% on Wednesday after the company reported better-than-expected first-quarter results and raised FY23 net sales growth guidance.

On Wednesday, the Dow Jones closed down nearly 255 points at 32,799.92. The S&P 500 fell 0.73% to 4,115.24 during the session, while the Nasdaq Composite lost 0.61% to 12,484.16.

Investors await earnings results Dollar Tree, Inc. dltr, Best Buy Co., Inc. bby And Costco Wholesale Corporation Cost Today.

At the current reading of 61.0, the index remained in the “greed” zone as compared to the previous reading of 66.0

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 further: Top 4 Energy Stocks That Could Be Bullish This Quarter

Source link

Leave a Comment