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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 S&P 500 falling more than 1% during the session amid a decline in major tech stocks.
NVIDIA Corp. (NASDAQ:NVDA) shares dipped 6.2% on Tuesday after hitting a record high level. Tesla Inc. (NASDAQ:TSLA) shares fell over 4% after BofA Securities downgraded the stock from Buy to Neutral, while Meta Platforms Inc. (NASDAQ:META) lost nearly 2% during the session.
On the economic data front, the U.S. trade deficit increased to $78.2 billion in November versus a revised $73.6 billion gap in the previous month and is in line with market estimates. Imports increased 3.4% to $351.6 billion, while exports rose 2.7% to $273.4 billion.
Most sectors on the S&P 500 closed on a negative note, with consumer discretionary, communication services, and information technology stocks recording the biggest losses on Tuesday. However, energy and health care stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 178 points to 42,528.36 on Tuesday. The S&P 500 fell 1.11% to 5,909.03, while the Nasdaq Composite dipped 1.89% at 19,489.68 during Tuesday's session.
Investors are awaiting earnings results from UniFirst Corporation (NYSE:UNF), Acuity Brands, Inc. (NYSE:AYI) and PriceSmart, Inc. (NASDAQ:PSMT) today.
At a current reading of 35.7, the index remained in the “Fear” zone on Tuesday, versus a prior reading of 37.8.
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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