The CNN Money Fear and Greed index showed some decline in overall market sentiment among US investors.
US stocks closed mixed on Tuesday as investors assessed the latest corporate earnings.
Shares of 3M Company MMM dropped 6.2% on Tuesday after the company reported worse-than-expected Q4 adjusted earnings and issued FY23 adjusted EPS forecast below estimates. Union Pacific Corporation UNP shares declined 3.3% after reporting downbeat Q4 results.
The Dow closed higher by around 104 points to 33,733.96 on Tuesday. The S&P 500 slipped 0.07% to 4,016.95, while the Nasdaq Composite fell 0.27% to settle at 11,334.27 in the session.
Investors are awaiting earnings results from Tesla, Inc. TSLA, The Boeing Company BA, AT&T Inc. T and Abbott Laboratories ABT today.
At a current reading of 63.0, the index remained in the “Greed” zone, compared to a previous reading of 65.0.
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.