Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed further easing in overall market sentiment, but the index remained in the "Greed" zone on Tuesday.
U.S. stocks closed lower on Tuesday amid an increase in bond yields. The benchmark 10-year Treasury note yield rose to 4.064% during Tuesday’s session.
The Goldman Sachs Group, Inc. (NYSE: GS) reported better-than-expected earnings and revenue results for the fourth quarter, while Morgan Stanley (NYSE: MS) posted an upbeat beat for the quarter.
The Boeing Company (NYSE: BA) shares fell around 7.9% on Tuesday after Wells Fargo downgraded the stock from Overweight to Equal-Weight and lowered its price target from $280 to $225.
On the economic data front, the NY Empire State Manufacturing Index fell to -43.7 in January, recording the lowest reading since May 2020.
Most sectors on the S&P 500 closed on a negative note, with energy and materials stocks recording the biggest losses on Tuesday. However, information technology stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 232 points to 37,361.12 on Tuesday. The S&P 500 fell 0.37% at 4,765.98, while the Nasdaq Composite fell 0.19% at 14,944.35 during Tuesday’s session.
Markets were closed Monday for the Martin Luther King Jr. Day.
Investors are awaiting earnings results from U.S. Bancorp (NYSE: USB), The Charles Schwab Corporation (NYSE: SCHW) and Discover Financial Services (NYSE: DFS) today.
At a current reading of 70.4, the index remained in the "Greed" zone on Tuesday, versus a prior reading of 71.1.
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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