Investor Sentiment Improves; Dow Falls Nearly 200 Points

Author: Lisa Levin | September 06, 2023 03:17am

The CNN Money Fear and Greed index showed some improvement in overall sentiment among U.S. investors on Tuesday.

U.S. stocks settled mostly lower on Tuesday on the first trading session of a holiday-shortened week. Crude oil prices moved higher on Tuesday after Saudi Arabia and Russia announced plans to extend voluntary supply cuts.

Brady Corporation (NYSE:BRC) shares gained more than 11% on Tuesday after the company reported better-than-expected fourth-quarter results.

Majority of sectors on the S&P 500 closed on a negative note, with materials, industrials and utilities stocks recording the biggest losses on Tuesday. However, energy and information technology stocks bucked the overall market trend, closing higher during the session.

The Dow Jones closed lower by around 196 points to 34,641.97 on Tuesday. The S&P 500 fell 0.42% at 4,496.83, while the Nasdaq Composite lost 0.08% at 14,020.95 during the session. The Dow gained 1.4%, while the Nasdaq added 3.3% last week.

Investors are awaiting earnings results from Core & Main, Inc. (NYSE:CNM), American Eagle Outfitters, Inc. (NYSE:AEO) and GameStop Corp. (NYSE:GME) today.

At a current reading of 59, the index remained in the "Greed" zone on Tuesday, compared to a previous reading of 57.4.

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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