Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed further decline in the overall market sentiment, while the index remained in the “Fear” zone on Tuesday.
U.S. stocks settled mixed on Tuesday, with the Dow Jones index recording gains for the fifth straight session.
Walt Disney Co (NYSE:DIS) shares fell 9.5% on Tuesday after the company reported weaker-than-expected quarterly sales. Peloton Interactive, Inc. (NASDAQ:PTON) shares jumped over 15% following a report suggesting that private equity firms are eyeing the company for a potential buyout.
On the economic data front, the Logistics Manager’s Index fell to 52.9 in April from 58.3 in March.
Most sectors on the S&P 500 closed on a positive note, with materials, utilities and consumer staples stocks recording the biggest gains on Tuesday. However, consumer discretionary and information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 32 points to 38,884.26 on Tuesday. The S&P 500 rose 0.13% at 5,187.70, while the Nasdaq Composite fell 0.10% at 16,332.56 during Tuesday's session.
Investors are awaiting earnings results from Teva Pharmaceutical Industries Limited (NYSE:TEVA), Uber Technologies, Inc. (NYSE:UBER), and Emerson Electric Co. (NYSE:EMR) today.
At a current reading of 38.7, the index remained in the “Fear” zone on Tuesday, versus a prior reading of 40.3.
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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