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The CNN Money Fear and Greed index showed a decline in the overall market sentiment, with the index moving to the "Greed" zone on Tuesday.
U.S. stocks closed lower on Tuesday, with the Dow Jones index tumbling by more than 400 points during the session.
Shares of Apple Inc (NASDAQ:AAPL) fell around 2.8% on Tuesday after the company’s iPhone sales in China saw a 24% drop in the first six weeks of the year, demoting it to the fourth position among smartphone vendors in the country, as reported by Counterpoint Research. GitLab Inc. (NASDAQ:GTLB) shares dipped 21% after the company reported upbeat quarterly earnings, but issued earnings guidance below estimates.
On the economic data front, U.S. factory orders fell by 3.6% month-over-month in January compared to a revised 0.3% decline in December. The ISM services PMI declined to 52.6 in February versus a four-month high level of 53.4 in January and down from market estimates of 53.
Most sectors on the S&P 500 closed on a negative note, with information technology, real estate and consumer discretionary stocks recording the biggest losses on Tuesday. However, energy and consumer staples stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 405 points to 38,585.19 on Tuesday. The S&P 500 fell 1.02% at 5,078.65, while the Nasdaq Composite fell 1.65% at 15,939.59 during Tuesday’s session.
Investors are awaiting earnings results from Abercrombie & Fitch Co. (NYSE:ANF), Campbell Soup Company (NYSE:CPB), THOR Industries, Inc. (NYSE:THO) and Infinera Corporation (NASDAQ:INFN) today.
At a current reading of 74.3, the index moved to the "Greed" zone on Tuesday, versus a prior reading of 78.2.
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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