The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, but the index remained in the “Neutral” zone on Tuesday.
U.S. stocks settled mixed on Tuesday, with the S&P 500 closing the session near the flatline after surging to a record high. Major indices recorded gains last week, with the S&P 500 gaining 4% and the Nasdaq adding 5.9%. The Dow also climbed 2.6% last week.
The Federal Reserve is scheduled to announce its policy decision on Wednesday and is widely expected to cut interest rates.
Compass Minerals International, Inc. CMP shares jumped 21% on Tuesday after the company announced preliminary third-quarter revenue above estimates. Intel Corporation INTC shares gained 2.7% after the company announced a strategic collaboration with AWS to help advance US-based chip manufacturing.
On the economic data front, U.S. retail sales rose 0.1% month-over-month in August compared to a revised 1.1% gain in July, topping market estimates of a 0.2% decline. The NAHB/Wells Fargo Housing Market Index climbed to 41 in September versus 39 in the prior month. Total business inventories rose by 0.4% month-over-month in July compared to a 0.3% gain in June, topping market expectations of a 0.3% increase.
Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, energy, and industrials stocks recording the biggest gains on Tuesday. However, healthcare and consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed lower by around 16 points to 41,606.18 on Tuesday. The S&P 500 rose 0.03% to 5,634.58, while the Nasdaq Composite rose 0.20% at 17,628.06 during Tuesday's session.
Investors are awaiting earnings results from General Mills, Inc. GIS, Steelcase Inc. SCS, and Sangoma Technologies Corporation SANG today.
What is CNN Business Fear & Greed Index?
At a current reading of 54.9, the index remained in the “Neutral” zone on Tuesday, versus a prior reading of 54.1.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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