Fall From Grace: Dow Jones Dips Again
Tuesday saw a decline in investor sentiment as indicated by the CNN Money Fear and Greed index. Despite remaining in the “Greed” zone, the market sentiment showed a downward trend.
The red tide continued as U.S. stocks closed lower for the second consecutive day. The Dow Jones index, made up of 30 blue-chip stocks, faced its worst day since March 5, incurring losses.
Economic Rollercoaster: Mixed Data on Factory Orders and Job Openings
On the economic front, U.S. factory orders rebounded, increasing by 1.4% in February to $576.8 billion after a revised 3.8% dip in January. Meanwhile, job openings rose slightly to 8.756 million, slightly missing market estimates.
VivoPower International PLC: A Meteoric Rise
In a surprising turn of events, shares of VivoPower International PLC soared by a jaw-dropping 304% following an announcement of a merger between its Tembo subsidiary and Cactus Acquisition Corp. 1 Limited, which is listed on Nasdaq.
Market Turmoil: Sectors Fight the Tide
Despite the general market downturn, select sectors like utilities and energy managed to swim against the tide and closed the session in the green. However, health care, consumer discretionary, and real estate sectors bore the brunt of the losses.
Numbers at a Glance: Dow, S&P 500, and Nasdaq
As the closing bell rang on Tuesday, the Dow Jones Industrial Average plummeted by around 397 points to settle at 39,170.24. The S&P 500 followed suit with a 0.72% decrease to 5,205.81, while the Nasdaq Composite saw a 0.95% dip to finish at 16,240.45.
Market Watch: Earnings in Focus
Investors are now turning their attention to earnings reports scheduled for today from companies like Sportsman’s Warehouse Holdings Inc. (SPWH), Levi Strauss & Co. (LEVI), and Acuity Brands Inc. (AYI).
The Mystery of Fear & Greed Index Unearthed
What does the CNN Business Fear & Greed Index reveal?
The Fear & Greed Index serves as a litmus test for the current market sentiment. It operates under the belief that fear drives stock prices down while greed sends them soaring. The index computes a score between 0 and 100 based on seven weighted indicators, with 0 denoting maximum fear and 100 representing peak greed.
Next on the agenda: Insiders Buying Westlake Chemical Partners And 2 Other Stocks
