The CNN Money Fear and Greed index showed a slight improvement in the overall market sentiment, while the index remained in the “Greed” zone on Tuesday.
U.S. stocks settled higher on Tuesday, with the Dow Jones index and S&P 500 surging to fresh record levels during the session.
Dick’s Sporting Goods Inc. (NYSE:DKS) reported upbeat earnings for its third quarter. Kohl’s Corporation (NYSE:KSS) reported worse-than-expected third-quarter results, cut its FY24 EPS guidance, and projected a net sales decrease of 7%-8%. Best Buy Co., Inc (NYSE:BBY) reported weaker-than-expected earnings for its fiscal 2025 third quarter.
On the economic data front, the S&P CoreLogic Case-Shiller home price index rose 4.6% year-over-year in September versus a 5.2% increase in August. Sales of new single-family homes in the U.S. dipped by 17.3% to an annualized rate of 610,000 in October.
Most sectors on the S&P 500 closed on a positive note, with utilities, communication services, and consumer discretionary stocks recording the biggest gains on Tuesday. However, energy and materials stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 124 points to 44,860.31 on Tuesday. The S&P 500 rose 0.57% to 6,021.63, while the Nasdaq Composite rose 0.63% to close at 19,175.58 during Tuesday’s session.
Investors are awaiting earnings results from Frontline plc (NYSE:FRO) and Golden Ocean Group Limited (NASDAQ:GOGL) today.
What is CNN Business Fear & Greed Index?
At a current reading of 64.4, the index remained in the “Greed” zone on Tuesday, versus a prior reading of 64.2.
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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