Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed a slight decline in the overall market sentiment, while the index remained in the “Fear” zone on Tuesday.
U.S. stocks closed mixed on Tuesday, with the S&P 500 snapping a three-session decline.
On the economic data front, the S&P CoreLogic Case-Shiller 20-city home price index increased 7.2% year-over-year in April compared to a revised 7.5% gain in March.
Shares of Nvidia Corp. (NASDAQ:NVDA) gained about 6.8% on Tuesday, after recording losses in the previous session. SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares fell around 21% after the company announced a private offering of $300 million convertible notes due 2029.
Most sectors on the S&P 500 closed on a negative note, with real estate, materials, and utilities stocks recording the biggest losses on Tuesday. However, information technology and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 299 points to 39,112.16 on Tuesday. The S&P 500 rose 0.39% at 5,469.30, while the Nasdaq Composite climbed 1.26% at 17,717.65 during Tuesday's session.
Investors are awaiting earnings results from General Mills, Inc. (NYSE:GIS), Micron Technology, Inc. (NASDAQ:MU), and Paychex, Inc. (NASDAQ:PAYX) today.
What is CNN Business Fear & Greed Index?
At a current reading of 39.1, the index remained in the “Fear” zone on Tuesday, versus a prior reading of 39.2.
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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