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Market Greed Gauge Holds Steady Despite GDP Woes

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Investor enthusiasm waned a bit after GDP data was released, but there was no need to panic – market sentiment remained in the β€œGreed” zone on Wednesday, according to the CNN Money Fear and Greed index.

On Wednesday, U.S. stocks showed a mixed performance, but are still on track to notch their biggest monthly gains in 2023.

Hormel Foods Corp shares dropped 4.6% after lower-than-expected fourth quarter earnings, while General Motors Company shares soared 9% as the company announced a $10 billion share buyback program and a hefty dividend increase.

The U.S. economy grew by 5.2% in the third quarter, surpassing market estimates, but the trade deficit in goods expanded to $89.8 billion in October from the previous month.

Despite the GDP hiccup, most S&P 500 sectors closed in the green, particularly financial and real estate stocks. However, communication services and energy stocks bucked the trend and ended lower.

The Dow Jones inched up around 13 points to close at 35,430.42, while the S&P 500 slipped 0.09% to 4,550.58, and the Nasdaq Composite dropped 0.16% to 14,258.49.

Next in line, investors are eagerly waiting for earnings announcements from Cracker Barrel Old Country Store, Inc., Big Lots, Inc., The Kroger Co., and Dell Technologies Inc. today.

The CNN Business Fear & Greed Index stood at 63.5 on Wednesday, residing in the β€œGreed” zone, slightly lower than the previous reading of 64.3.

What is CNN Business Fear & Greed Index?

The Fear & Greed Index gauges current market sentiment based on the belief that heightened fear pushes stock prices down while amplified greed does the opposite. The index ranges from 0 to 100, with 0 signaling maximum fear and 100 representing extreme greed.

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