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The CNN Money Fear and Greed index remained in the “Greed” zone on Tuesday.
U.S. stocks settled lower on Tuesday, with the Dow Jones index dipping more than 600 points during the session. Chip stocks fell sharply, with shares of Nvidia Corp. (NASDAQ:NVDA) dipping more than 9.5% on Tuesday.
Wall Street ended last month on a positive note. The S&P 500 gained 2.3% during August, recording its fourth consecutive winning month. The Dow rose around 1.8%, while the Nasdaq Composite recorded a 0.7% gain for the period.
Shares of SPAR Group, Inc. (NASDAQ:SGRP) jumped more than 65% on Tuesday after the company announced it entered into a definitive agreement to be acquired by Highwire Capital for $2.50 per share.
On the economic data front, the S&P Global manufacturing PMI was revised lower to 47.9 in August versus a preliminary reading of 48. The ISM manufacturing PMI rose to 47.2 in August from 46.8 in the prior month, missing market estimates of 47.5.
Most sectors on the S&P 500 closed on a negative note, with energy, information technology, and communication services stocks recording the biggest losses on Tuesday. However, real estate and consumer staples stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 626 points to 40,936.93 on Tuesday. The S&P 500 fell 2.12% to 5,528.93, while the Nasdaq Composite dipped 3.26% at 17,136.30 during Tuesday's session.
Investors are awaiting earnings results from Dollar Tree, Inc. (NASDAQ:DLTR), DICK’S Sporting Goods, Inc. (NYSE:DKS), and Hewlett Packard Enterprise Company (NYSE:HPE) today.
What is CNN Business Fear & Greed Index?
At a current reading of 65.3, the index remained in the “Greed” zone on Tuesday, versus a prior reading of 63.
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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