The CNN Money Fear and Greed index showed a decline in the overall market sentiment, with the index moving to the “Fear” zone on Tuesday.
U.S. stocks closed mixed on Monday, with the Dow Jones gaining more than 200 points ahead of earnings results from major companies and the Federal Reserve’s policy decision this week.
Big tech stocks moved lower with shares of Nvidia Corp. NVDA falling 7% and Microsoft Corp. MSFT slipping 0.9% on Tuesday.
On the economic data front, the number of job openings came in at 8.184 million in June compared to a revised 8.23 million in May. The S&P CoreLogic Case-Shiller 20-city home price index rose 6.8% year-over-year in May versus a revised 7.3% gain in April.
Shares of Merck & Co., Inc MRK dipped 9.8% on Tuesday after the company reported second-quarter financial results and cut its FY24 adjusted EPS guidance below estimates. The Procter & Gamble Company PG shares fell 4.8% following a fourth-quarter revenue miss.
As far as the earnings season is concerned, 240 S&P 500 companies have released quarterly results so far, with around 80% of those exceeding market estimates.
Most sectors on the S&P 500 closed on a positive note, with energy, financials, and real estate stocks recording the biggest gains on Tuesday. However, consumer staples and information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 203 points to 40,743.33 on Tuesday. The S&P 500 fell 0.50% at 5,436.44, while the Nasdaq Composite dipped 1.28% to 17,147.42 during Tuesday's session.
Investors are awaiting earnings results from The Boeing Company BA, Meta Platforms, Inc. META, and Mastercard Incorporated MA today.
What is CNN Business Fear & Greed Index?
At a current reading of 42.2, the index moved to the “Fear” zone on Tuesday, versus a prior reading of 46.6.
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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