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 mixed on Tuesday, with the Nasdaq Composite surging to a new record high during the session.
Pfizer Inc. PFE reported better-than-expected results for its third quarter. McDonald’s Corp. MCD posted better-than-expected third-quarter earnings on Tuesday.
On the economic data front, the S&P CoreLogic Case-Shiller home price index rose 5.2% year-over-year in August versus a 5.9% gain in July. U.S. wholesale inventories declined by 0.1% month-over-month to $905 billion in September compared to a revised 0.2% gain in the earlier month. The U.S. trade deficit increased to $108.2 billion in September from the $94.2 billion gap in the previous month.
Most sectors on the S&P 500 closed on a negative note, with energy, consumer staples, and utilities stocks recording the biggest losses on Tuesday. However, information technology and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 155 points to 42,233.05 on Tuesday. The S&P 500 rose 0.16% to 5,832.92, while the Nasdaq Composite climbed 0.78% to close at 18,712.75 during Tuesday's session.
Investors are awaiting earnings results from Meta Platforms, Inc. META, Microsoft Corp. MSFT, Caterpillar Inc. CAT, and Starbucks Corp. SBUX today.
What is CNN Business Fear & Greed Index?
At a current reading of 60.2, the index remained in the “Greed” zone on Tuesday, versus a prior reading of 60.9.
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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