The CNN Money Fear and Greed index showed further decline in the overall market sentiment, while the index remained in the "Fear" zone on Wednesday.

U.S. stocks closed lower on Wednesday, with the S&P 500 falling for a fourth straight session.

On the economic data front, crude oil inventories in the U.S. climbed by 2.735 million barrels in the week ended April 12, compared to a 5.841 million gain in previous prior week.

U.S. Bancorp ( USB ) reported upbeat first-quarter FY24 earnings on Wednesday. United Airlines Holdings Inc ( UAL ) shares jumped over 17% on Wednesday after the company reported better-than-expected quarterly results.

Most sectors on the S&P 500 closed on a negative note, with information technology, real estate and consumer discretionary stocks recording the biggest losses on Wednesday. However, utilities and consumer staples stocks bucked the overall market trend, closing the session higher.

The Dow Jones closed lower by around 45 points to 37,753.31 on Wednesday. The S&P 500 fell 0.58% at 5,022.21, while the Nasdaq Composite dipped 1.15% at 15,683.37 during Wednesday's session.

Investors are awaiting earnings results from Marsh & McLennan Companies, Inc. ( MMC ) , D.R. Horton, Inc. ( DHI ) and Netflix, Inc. ( NFLX ) today.

At a current reading of 34.4, the index remained in the "Fear" zone on Wednesday, versus a prior reading of 37.6.

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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