Benzinga - by Lisa Levin, Benzinga Editor. The CNN Money Fear and Greed index showed further improvement in overall sentiment among U.S. investors on Tuesday.
U.S. stocks closed mostly lower on Tuesday amid concerns over increasing Treasury yields. Shares of several banks moved lower on Tuesday after S&P Global reduced credit ratings for several U.S. banks.
Federal Reserve chair Jerome Powell is scheduled to speak at the Jackson Hole Symposium on Friday.
DICK'S Sporting Goods, Inc. (NYSE: DKS) shares fell over 24% on Tuesday after the company reported worse-than-expected second-quarter results and lowered FY23 guidance. Lowe's Companies, Inc. (NYSE: LOW) shares gained 3.8% after the company reported better-than-expected quarterly earnings.
On the economic data front, existing-home sales in the U.S. fell 2.2% from a month ago to an annualized rate of 4.07 million units in July.
Majority of sectors on the S&P 500 closed on a negative note, with energy and financial stocks recording the biggest losses on Tuesday. However, real estate and utilities stocks closed higher during the Tuesday’s session.
The Dow Jones closed lower by around 175 points to 34,288.83 on Tuesday. The S&P 500 fell 0.28% at 4,387.55, while the Nasdaq Composite added 0.06% at 13,505.87 during the session.
Investors are awaiting earnings results from Analog Devices, Inc. (NASDAQ: ADI), Williams-Sonoma, Inc. (NYSE: WSM) and NVIDIA Corporation (NASDAQ: NVDA) today.
At a current reading of 47.0, the index remained in the "Neutral" zone on Monday, compared to a previous reading of 46.0 on Friday.
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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