Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed a further decline in the overall market sentiment, while the index remained in the "Greed" zone on Tuesday.
U.S. stocks closed lower on Tuesday, with the S&P 500 recording losses for a third straight session. However, all major indices are on course for their fifth consecutive winning month, as the S&P 500 is up over 2% in March, and the Dow is up 0.7%.
Shares of Seagate Technology Holdings plc (NASDAQ: STX) gained over 7% on Tuesday after Morgan Stanley upgraded the stock from Equal-Weight to Overweight and raised its price target from $73 to $115. Tesla, Inc. (NASDAQ: TSLA) shares rose around 3% amid reports suggesting Italy has approached the company about electric truck production.
On the economic data front, U.S. durable goods orders increased by 1.4% month-over-month in February versus a revised 6.9% decline in January. The S&P CoreLogic Case-Shiller 20-city home price index increased by 6.6% year-over-year in January compared to a 6.2% gain in the prior month.
Most sectors on the S&P 500 closed on a negative note, with utilities, energy, and information technology stocks recording the biggest losses on Tuesday. However, health care and financial bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 31 points to 39,282.33 on Tuesday. The S&P 500 fell 0.28% at 5,203.58, while the Nasdaq Composite fell 0.42% at 16,315.70 during Tuesday’s session.
Investors are awaiting earnings results from Cintas Corporation (NASDAQ: CTAS), RH (NYSE: RH), and Carnival Corporation (NYSE: CCL) today.
At a current reading of 67.2, the index remained in the "Greed" zone on Tuesday, versus a prior reading of 68.6.
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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