The CNN Money Fear and Greed Index showed a decline in overall market sentiment, while the index remained in the “Neutral” zone on Tuesday.
U.S. stocks closed lower on Tuesday, with the S&P 500 and Nasdaq snapping eight-day winning streaks.
Investors are awaiting the Federal Reserve's annual Jackson Hole Economic Symposium later this week, where Fed Chairman Jerome Powell is set to speak on Friday. Minutes of the Fed's July policy meeting are due to be released today.
Actions of Palo Alto Networks, Inc. PANW gained more than 7% on Tuesday after the company reported better-than-expected results for its fourth quarter and issued strong guidance. Lowe's Companies, Inc.. LOW reported better-than-expected second-quarter earnings but reported a decline in comparable sales and revised down its outlook for fiscal year 24.
Most S&P 500 sectors closed on a negative note, with energy, materials and financial stocks posting the biggest losses on Tuesday. However, consumer staples and healthcare stocks bucked the broader market trend and closed the session higher.
The Dow Jones closed Monday down around 62 points to 40,834.97. The S&P 500 fell 0.20% to 5,597.12, while the Nasdaq Composite fell 0.33% to 17,816.94 during Tuesday's session.
Investors are waiting for earnings results from TJX Companies, Inc.. TJX, Target Corporation TGTand Zoom Video Communications, Inc. ZM today.
What is the CNN Corporate Fear and Greed Index?
With a current reading of 44.8, the index remained in the “Neutral” zone on Tuesday, compared to a previous reading of 46.9.
The Fear and Greed Index is a measure of current market sentiment. It is based on the premise that increased fear puts pressure on stock prices, while increased greed has the opposite effect. The index is calculated based on seven equally weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 indicates maximum greed.
Read next:
Market news and data provided by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.