The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the “Greed” zone on Tuesday.
U.S. stocks settled lower on Tuesday, with the Dow Jones index falling more than 150 points amid growing concerns in the Middle East.
Most of the major tech stocks closed lower on Tuesday. Shares of Tesla Inc. TSLA, Nvidia Corp. NVDA, and Apple Inc. AAPL all closed the day lower.
On the economic data front, construction spending in the U.S. declined by 0.1% month-over-month to an annual rate of $2,132 billion in August. The ISM manufacturing PMI came in unchanged at 47.2 in September.
Most sectors on the S&P 500 closed on a negative note, with information technology, real estate, and financials stocks recording the biggest losses on Tuesday. However, energy and utilities stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 173 points to 42,156.97 on Tuesday. The S&P 500 fell 0.93% to 5,708.75, while the Nasdaq Composite dipped 1.53% at 17,910.36 during Tuesday's session.
Investors are awaiting earnings results from Conagra Brands, Inc. CAG, RPM International Inc. RPM, and Levi Strauss & Co. LEVI today.
What is CNN Business Fear & Greed Index?
At a current reading of 69.1, the index remained in the “Greed” zone on Tuesday, versus a prior reading of 73.5.
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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