The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index moved to the "Greed" zone on Tuesday.
U.S. stocks settled lower on Tuesday, with the Dow Jones index falling more than 300 points during the session. ASML Holding N.V. (NASDAQ:ASML) shares dipped over 16% after a technical error prematurely revealed its third-quarter earnings, originally scheduled for Wednesday, on the company's website. NVIDIA Corporation (NASDAQ:NVDA) shares fell 4.7%, while Advanced Micro Devices, Inc. (NASDAQ:AMD) dipped 5.2% during the session.
UnitedHealth Group Incorporated (NYSE:UNH) shares dipped over 8% on Tuesday after the company reported third-quarter financial results and lowered upper end range of annual EPS outlook. Bank of America Corp (NYSE:BAC) reported better-than-expected earnings for its third quarter.
On the economic data front, the NY Empire State Manufacturing Index declined to -11.9 in October from 11.5 in the previous month and topping market estimates of 3.8.
Most sectors on the S&P 500 closed on a negative note, with information technology, energy and health care stocks recording the biggest losses on Tuesday. However, real estate and consumer staples stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 325 points to 42,740.42 on Tuesday. The S&P 500 fell 0.76% to 5,815.26, while the Nasdaq Composite fell 1.01% at 18,315.59 during Tuesday's session.
Investors are awaiting earnings results from Morgan Stanley (NYSE:MS), Abbott Laboratories (NYSE:ABT) and U.S. Bancorp (NYSE:USB) today.
At a current reading of 70.1, the index moved to the "Greed" zone on Tuesday, versus a prior reading of 75.1.
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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