Investor Optimism Edges Lower As Dow Falls For Second Day

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The CNN Money Fear and Greed index showed a decline in overall market sentiment, with the index remaining in the “Greed” zone on Tuesday.

U.S. stocks closed mixed on Tuesday, with the Dow Jones recording losses for the second straight day.

On the economic data front, the number of job openings fell by 617,000 from the prior month to 8.733 million for October, down from market estimates of 9.3 million. The ISM services PMI rose to 52.7 in November from 51.8 in the previous month and topping market estimates of 52.

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Shares of GitLab Inc. (NASDAQ: GTLB) jumped over 11% on Tuesday after the company posted better-than-expected results for its third quarter and issued a strong forecast for FY24. NIO Inc. (NYSE: NIO) shares gained 1.5% after the company reported third-quarter financial results and issued guidance.

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

The Dow Jones closed lower by around 80 points to 36,124.56 on Tuesday. The S&P 500 fell 0.06% at 4,567.18, while the Nasdaq Composite rose 0.31% at 14,229.91 during Tuesday’s session.

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Investors are awaiting earnings results from THOR Industries, Inc. (NYSE: THO), GameStop Corp. (NYSE: GME) and Campbell Soup Company (NYSE: CPB) today.

At a current reading of 66.5, the index remained in the “Greed” zone on Tuesday, versus a prior reading of 67.9.

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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