The CNN Money Fear and Greed index showed some improvement in overall market sentiment, while the index remained in the “Fear” zone on Tuesday.
U.S. stocks settled lower on Tuesday, with the Dow Jones index falling over 150 points during the session following the release of inflation data. Consumer prices rose 0.4% in October, above the 0.3% forecast, after a 0.6% gain in September. Core inflation, which strips out food and energy, climbed 0.3% against expectations for 0.2%.
A further slide in Nvidia Corp. (NASDAQ:NVDA) added to the pressure on technology stocks.
On the earnings front, Take-Two Interactive Software Inc. (NASDAQ:TTWO) rose over 8% even though second-quarter net bookings of $1.60 billion fell short of guidance. AST SpaceMobile Inc. (NASDAQ:ASTS) slid nearly 9% after third-quarter revenue of $42.3 million missed estimates.
Most sectors on the S&P 500 closed on a negative note, with materials, utilities and information technology stocks recording the biggest losses on Tuesday. However, financial and consumer discretionary stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 158 points to 52,231.89 on Tuesday. The S&P 500 fell 0.38% to 7,520.93, while the Nasdaq Composite dipped 0.74% at 25,065.88 during Tuesday’s session.
Investors are awaiting earnings results from Boyd Group Services Inc (NYSE:BGSI), Tetra Tech Inc (NASDAQ:TTEK) and EnerSys (NYSE:ENS) today.
At a current reading of 33, the index remained in the “Fear” zone on Tuesday, versus a prior reading of 32.
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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