Dow Records Longest Losing Streak Since 1978, Nvidia Declines: Fear & Greed Index In 'Neutral' Zone

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the “Neutral” zone on Tuesday.

U.S. stocks settled lower on Tuesday, with the Dow Jones index falling for the 9^th session in a row to record its longest losing streak since 1978.

Shares of Tesla, Inc. TSLA surged 3.6% on Tuesday after Mizuho upgraded the stock from Neutral to Outperform and raised its price target from $230 to $515. However, Nvidia Corp. NVDA shares fell around 1.2% during the session.

On the economic data front, U.S. retail sales rose 0.7% month-over-month in November compared to a revised 0.5% gain in the previous month and above market estimates of 0.5%. U.S. industrial production declined by 0.1% from the previous month in November compared to a 0.4% drop in October, versus market estimates of a 0.2% gain.

Most sectors on the S&P 500 closed on a negative note, with industrials, energy, and financials stocks recording the biggest losses on Tuesday. However, consumer discretionary stocks bucked the overall market trend, closing the session higher.

The Dow Jones closed lower by around 268 points to 43,449.90 on Tuesday. The S&P 500 fell 0.39% to 6,050.61, while the Nasdaq Composite declined 0.32% to close at 20,109.06 during Tuesday's session.

Investors are awaiting earnings results from General Mills, Inc. GIS, Jabil Inc. JBL )) and Micron Technology, Inc. MU today.

What is CNN Business Fear & Greed Index?

At a current reading of 51.8, the index was in the “Neutral” zone on Tuesday, versus a prior reading of 54.4.

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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