The CNN Money Fear and Greed index showed an increase in the overall fear level, while the index remained in the “Fear” zone on Tuesday.
U.S. stocks settled lower on Tuesday, with the Dow Jones index falling more than 400 points during the session as the widening war between the U.S., Israel and Iran showed no sign of abating.
Drone strikes hit the US Embassy in Riyadh overnight, and the State Department ordered evacuations at facilities in Bahrain, Iraq, and Jordan.
In earnings, Target Corporation (NYSE:TGT) posted better-than-expected earnings for the fourth quarter. Best Buy Co Inc (NYSE:BBY) reported upbeat fourth-quarter adjusted EPS results and raised its quarterly dividend.
On the economic data front, the Logistics Manager’s Index rose to 61.5 in February from 59.6 in the previous month. The RealClearMarkets/TIPP Economic Optimism Index fell to 47.5 in March from 48.8 in the previous month, missing market estimates of 50.1.
All sectors on the S&P 500 closed on a negative note, with materials, industrials and health care stocks recording the biggest losses on Tuesday.
The Dow Jones closed lower by around 404 points to 48,501.27 on Tuesday. The S&P 500 fell 0.94% to 6,816.63, while the Nasdaq Composite dipped 1.02% at 22,516.69 during Tuesday’s session.
Investors are awaiting earnings results from Abercrombie & Fitch Co (NYSE:ANF), Broadcom Inc (NASDAQ:AVGO) and Dycom Industries Inc (NYSE:DY) today.
At a current reading of 32, the index remained in the “Fear” zone on Tuesday, versus a prior reading of 33.7.
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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