Fear & Greed Index In 'Neutral' Zone; Nasdaq Settles Above 17,000

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The CNN Money Fear and Greed index remained in the “Neutral” zone on Tuesday.

U.S. stocks closed higher on Tuesday, with the Nasdaq Composite index settling above the key 17,000 mark for the first time ever.

On the economic data front, the S&P CoreLogic Case-Shiller home price index rose by 7.4% year-over-year in March versus 7.3% in the previous month. The FHFA house price index rose by 0.1% in March, compared to market expectations of a 0.5% gain.

Investors are awaiting data on PCE inflation for April, which will be released on Friday.

Bitfarms Ltd. BITF shares jumped over 9% on Tuesday after Riot Platforms, Inc. RIOT announced plans to acquire all outstanding shares of the company and accumulated a 9.25% stake. Shares of Elbit Systems Ltd. ESLT fell around 2.7% on Tuesday after the company reported results for the first quarter.

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

The Dow Jones closed lower by around 217 points to 38,852.86 on Tuesday. The S&P 500 rose 0.02% at 5,306.04, while the Nasdaq Composite climbed 0.59% at 17,019.88 during Tuesday's session.

Investors are awaiting earnings results from DICK’S Sporting Goods, Inc. DKS, Advance Auto Parts, Inc. AAP, Salesforce, Inc. CRM and HP Inc. HPQ today.

At a current reading of 52.5, the index remained in the “Neutral” zone on Tuesday, versus a prior reading of 51.9.

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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