The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the “Fear” zone on Tuesday.
U.S. stocks settled slightly higher on Tuesday, extending gains from the previous session with investors awaiting more clarity on tariff developments and digested a downbeat consumer confidence report.
On the economic data front, the Conference Board's monthly confidence index declined to a reading of 92.9, compared to market estimates of 93.5. The S&P CoreLogic Case-Shiller home price index increased 4.7% year-over-year in January, versus a 4.5% increase in December, but down from market estimates of a 4.8% increase. Sales of new single-family homes increased 1.8% to an annual rate of 676,000 in February, following a revised 6.9% decline in the previous month, and down from market estimates of 680,000.
CrowdStrike Holdings (NASDAQ:CRWD) shares gained over 3% on Tuesday after BTIG analyst Gray Powell upgraded the stock to Buy, setting a price target of $431.
Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, communication services and financial stocks recording gains on Tuesday. However, utilities and health care stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 4 points to 42,587.50 on Tuesday. The S&P 500 rose 0.16% to 5,776.65, while the Nasdaq Composite climbed 0.46% at 18,271.86 during Tuesday's session.
Investors are awaiting earnings results from Dollar Tree, Inc. (NASDAQ:DLTR), Paychex, Inc. (NASDAQ:PAYX) and Cintas Corporation (NASDAQ:CTAS) today.
At a current reading of 28.8, the index remained in the “Fear” zone on Tuesday, versus a prior reading of 29.8.
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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