Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed a further decline in overall market sentiment, while the index remained in the "Extreme Greed" zone on Tuesday.
U.S. stocks closed mostly lower on Tuesday, with the S&P 500 and Nasdaq Composite closing the first trading session of the new year on a downbeat note.
Shares of Apple Inc. (NASDAQ: AAPL) fell 3.6% on Tuesday after Barclays downgraded the stock from Equal-Weight to Underweight. Tesla Inc (NASDAQ: TSLA), on Tuesday, said it produced 494,989 vehicles in the fourth quarter, up from 430,488 in the third quarter. The EV maker delivered 484,507 vehicles in the quarter, up from 435,059 in the previous quarter.
On the economic data front, the S&P Global manufacturing PMI was revised lower to 47.9 in December versus a preliminary level of 48.2 and versus November’s level of 49.4. Construction spending rose by 0.4% month-over-month to an annual rate of $2,050.1 billion in November.
Most sectors on the S&P 500 closed on a positive note, with healthcare and utilities stocks recording the biggest gains on Tuesday. However, information technology stocks bucked the overall market trend, closing the session sharply lower.
The Dow Jones closed lower by over 25 points to 37,715.04 on Tuesday. The S&P 500 fell 0.57% at 4,742.83, while the Nasdaq Composite fell 1.63% at 14,765.94 during Tuesday’s session, recording its worst day since October.
The Dow closed last year with a 13.7% gain, while the Nasdaq Composite surged 43.4% to record its best year since 2020.
Investors are awaiting earnings results from Cal-Maine Foods, Inc. (NASDAQ: CALM) and UniFirst Corporation (NYSE: UNF) today.
At a current reading of 75.7, the index remained in the "Extreme Greed" zone on Tuesday, versus a prior reading of 75.9.
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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