The CNN Money Fear and Greed index remained in the “Greed” zone on Tuesday.
U.S. stocks settled mixed on Tuesday, as investors digested this week’s earnings reports from several companies.
General Motors Company (NYSE:GM) reported better-than-expected third-quarter results. Philip Morris (NYSE:PM) reported upbeat third-quarter adjusted EPS and sales. Shares of Verizon Communications Inc (NYSE:VZ) fell around 5% on Tuesday after it reported fiscal third-quarter results.
As far as the earnings season is concerned, around one-fifth of the S&P 500 companies have released quarterly results so far, with the majority of those exceeding market estimates.
On the economic data front, the composite manufacturing index in the US Fifth District came in at -14 for October compared to a reading of -21 in the prior month.
Most sectors on the S&P 500 closed on a negative note, with industrials, materials, and utilities stocks recording the biggest losses on Tuesday. However, consumer staples and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 7 points to 42,924.89 on Tuesday. The S&P 500 fell 0.05% to 5,851.20, while the Nasdaq Composite rose 0.18% to close at 18,573.13 during Tuesday’s session.
Investors are awaiting earnings results from AT&T Inc. (NYSE:T), The Boeing Company (NYSE:BA) and Tesla, Inc. (NASDAQ:TSLA) today.
What is CNN Business Fear & Greed Index?
At a current reading of 70.26, the index remained in the “Greed” zone on Tuesday, versus a prior reading of 70.31.
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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