© Reuters. Investor Fear Eases; US Stocks Settle Lower
Benzinga – The CNN Money Fear and Greed index showed some easing in the fear level among U.S. investors.
US stocks dropped on Tuesday, amid an increase in bond yields, which exerted pressure on tech stocks in particular.
Shares of Walgreens Boots Alliance, Inc. (NASDAQ: WBA) gained around 2.7% on Tuesday after the company reported better-than-expected Q2 results.
On the economic data front, US trade deficit in goods increased to $91.63 billion in February versus a revised $91.09 billion in the prior month, while wholesale inventories rose 0.2% month-over-month in February.
The Dow closed lower by around 38 points to 32,394.25 on Tuesday. The S&P 500 fell 0.16% to 3,971.27, while the Nasdaq Composite lost 0.45% to settle at 11,716.08 during the session.
Investors are awaiting earnings results from Cintas Corporation (NASDAQ: CTAS), RH (NYSE: RH) and Paychex, Inc. (NASDAQ: PAYX) today.
At a current reading of 38.0, the index remained in the “Fear” zone., versus a previous reading of 36.0
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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