Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index showed a decline in overall sentiment among U.S. investors on Tuesday.
U.S. stocks closed lower on Tuesday, with the Nasdaq falling over 1% amid disappointing results from Oracle (NYSE: ORCL). The software maker reported weak sales for the latest quarter and issued downbeat revenue forecast.
Apple Inc. (NASDAQ: AAPL) shares fell 1.7% on Tuesday after the company unveiled a new iPhone model.
Investors are awaiting the release of inflation data, with the consumer price index scheduled for release on Wednesday and the producer price index due to be released on Thursday.
Majority of sectors on the S&P 500 closed on a negative note, with information technology and communication services stocks recording the biggest losses on Tuesday. However, energy and financial stocks bucked the overall market trend, closing higher during the session.
The Dow Jones closed lower by around 18 points to 34,645.99 on Tuesday. The S&P 500 fell 0.57% at 4,461.90, while the Nasdaq Composite lost 1.04% at 13,773.61 during the session.
Investors are also awaiting earnings results from Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL), REV Group, Inc. (NYSE: REVG) and Semtech Corporation (NASDAQ: SMTC) today.
At a current reading of 51.5, the index remained in the "Neutral" zone on Tuesday, compared to a previous reading of 53.2.
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.
Read Next: Wall Street's Most Accurate Analysts Say Hold These 3 Financial Stocks Delivering High-Dividend Yields
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.