The CNN Money Fear and Greed index showed further improvement in overall market sentiment, while the index remained in the “Greed” zone on Tuesday.
U.S. stocks closed mixed on Tuesday, while the Nasdaq Composite settled slightly higher during the session. Nvidia Corp. NVDA shares surged to a fresh all-time high on Tuesday.
Juniper Networks, Inc. JNPR shares jumped around 22% on Tuesday following a report suggesting Hewlett Packard Enterprise Company HPE is nearing a deal to buy the company.
On the economic data front, the NFIB Small Business Optimism Index rose to 91.9 in December from 90.6 in November. The US trade gap shrank to $63.2 billion in November from $64.5 billion in the previous month, compared to market estimates of a $65 billion gap.
The consumer price index for December is scheduled for release on Thursday, while the producer price index will be released on Friday.
Most sectors on the S&P 500 closed on a negative note, with energy and materials stocks recording the biggest losses on Tuesday. However, stocks of information technology and consumer staples bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 158 points to 37,525.16 on Tuesday. The S&P 500 fell 0.15% at 4,756.50, while the Nasdaq Composite rose 0.09% at 14,857.71 during Tuesday’s session.
Investors are awaiting earnings results from KB Home KBH, Rocky Mountain Chocolate Factory, Inc. RELL, and Rocky Mountain Chocolate Factory, Inc. RMCF today.
At a current reading of 72.6, the index remained in the “Greed” zone on Tuesday, versus a prior reading of 61.4.
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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