The CNN Money Fear and Greed index showed further decline in overall sentiment among U.S. investors on Tuesday.
U.S. stocks closed lower on the first trading session of the week, with the Dow Jones losing more than 200 points on Tuesday. Stock markets in the U.S. were closed on Monday for the Juneteenth holiday.
The S&P 500 recorded its best weekly performances since March, with the broad-market benchmark also notching gains for the fifth week in a row.
On the economic data front, housing starts in the U.S. surged 21.7% month-over-month to an annualized rate of 1.631 million in May. Building permits rose by 5.2% to an annual rate of 1.491 million in May.
The Dow Jones closed lower by around 245 points to 34,053.87 on Tuesday. The S&P 500 fell 0.47% at 4,388.71, while the Nasdaq Composite lost 0.16% to settle at 13,667.29 during the session.
Investors are awaiting earnings results from Winnebago Industries, Inc. (NYSE:WGO), KB Home (NYSE:KBH) and Patterson Companies, Inc. (NASDAQ:PDCO) today.
At a current reading of 79.0, the index remained in the “Extreme Greed” zone, versus a previous reading of 82.0
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.
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