The CNN Money Fear and Greed index showed a slight increase in the fear level among US investors after US stocks closed mixed at the start of the holiday-shortened week.
Investors assessed the economic outlook for 2023, sending the Nasdaq index down by more than 1% on Tuesday.
Tesla, Inc. TSLA shares dipped more than 11% on Tuesday after a Reuters report indicated the company was intending to run a reduced production schedule in January at its Shanghai plant causing concerns over demand.
Shares of Southwest Airlines Co. LUV also dropped around 6% after the airline canceled thousands of flights, which drew scrutiny from officials.
The Dow closed higher by around 38 points to 33,241.56 on Tuesday. The S&P 500 fell 0.40% to 3,829.25, while the Nasdaq Composite declined 1.38% to settle at 10,353.23 in the previous session.
At a current reading of 38.0, the index remained in the “Fear” zone, compared to a previous reading of 39.0.
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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Image and article originally from www.benzinga.com. Read the original article here.