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The CNN Money Fear and Greed index showed a decline in the overall market sentiment, but the index remained in the “Fear” zone on Tuesday.
U.S. stocks settled lower on Tuesday, with the Dow Jones index dipping more than 550 points during the session. All three major indices recorded losses in April, ending a streak of five consecutive months of gains. The Dow dipped 5% to record its weakest monthly performance since Sept. 2022, while the S&P 500 tumbled around 4.2% last month.
Coca-Cola Company (NYSE:KO) reported better-than-expected first-quarter results on Tuesday, while McDonald’s Corp (NYSE:MCD) reported mixed first-quarter results. 3M Company (NYSE:MMM) reported better-than-expected first-quarter 2024 results.
On the economic data front, the Labor Department said the employment cost index rose 1.2% in the first quarter, higher than market estimates of 1%. The S&P CoreLogic Case-Shiller 20-city home price index rose by 7.3% year-over-year in February. The US Federal Reserve will announce its latest interest rate decision on Wednesday.
All sectors on the S&P 500 closed on a negative note, with energy, information technology and consumer discretionary stocks recording the biggest losses on Tuesday
The Dow Jones closed lower by around 570 points to 37,815.92 on Tuesday. The S&P 500 fell 1.57% at 5,035.69, while the Nasdaq Composite dipped 2.04% at 15,657.82 during Tuesday's session.
Investors are awaiting earnings results from Mastercard Incorporated (NYSE:MA), Yum! Brands, Inc. (NYSE:YUM), Pfizer Inc. (NYSE:PFE) and QUALCOMM Incorporated (NASDAQ:QCOM) today.
At a current reading of 40.5, the index remained in the “Fear” zone on Tuesday, versus a prior reading of 43.7.
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.
