The CNN Money Fear and Greed index remained in the “Greed” zone on Tuesday.
U.S. stocks settled lower on Tuesday, with the S&P 500 and Nasdaq snapping five-session winning streaks.
Shares of Tesla, Inc. (NASDAQ:TSLA), which have surged around 31% since Election Day, declined about 6.2% on Tuesday. Trump Media & Technology Group Corp. (NASDAQ:DJT) shares also dipped around 9% during the session. Home Depot Inc. (NYSE:HD) reported better-than-expected third-quarter earnings and lifted its full-year 2024 outlook.
On the economic data front, U.S. consumer inflation expectations for the year ahead eased to 2.9% in October compared to 3% in each of the prior four months. The RealClearMarkets/TIPP Economic Optimism Index rose 13.4% in November to a reading of 53.2, recording the highest reading in over three years.
Most sectors on the S&P 500 closed on a negative note, with materials, health care, and real estate 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 382 points to 43,910.98 on Tuesday. The S&P 500 fell 0.29% to 5,983.99, while the Nasdaq Composite fell 0.09% to close at 19,281.40 during Tuesday's session.
Investors are awaiting earnings results from CyberArk Software Ltd. (NASDAQ:CYBR), Cisco Systems, Inc. (NASDAQ:CSCO), and Beazer Homes USA, Inc. (NYSE:BZH) today.
What is CNN Business Fear & Greed Index?
At a current reading of 68.7, the index remained in the “Greed” zone on Tuesday, versus a prior reading of 68.6.
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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