The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, but the index remained in the “Fear” zone on Tuesday.
U.S. stocks settled higher on Monday, with the Dow Jones index gaining more than 400 points as investors awaited the results of the U.S. presidential election. The Federal Reserve is also scheduled to announce its November rate decision on Thursday.
On the economic data front, the trade deficit in the U.S. increased to $84.4 billion in September, recording the highest level since April 2022, and above market estimates of a $84.1 billion gap, versus a revised $70.8 billion gap in August. The ISM services PMI rose to 56 in October, recording the highest reading since Aug. 2022.
Yum! Brands, Inc. (NYSE:YUM) posted downbeat results for its third quarter. Shares of Vimeo Inc. (NASDAQ:VMEO) jumped around 45% on Tuesday after the company reported better-than-expected third-quarter financial results and issued fourth-quarter sales guidance above estimates.
All sectors on the S&P 500 closed on a positive note, with consumer discretionary, industrials, and utilities stocks recording the biggest gains on Tuesday.
The Dow Jones closed higher by around 427 points to 42,221.88 on Tuesday. The S&P 500 gained 1.23% to 5,782.76, while the Nasdaq Composite jumped 1.43% to close at 18,439.17 during Tuesday's session.
Investors are awaiting earnings results from CVS Health Corporation (NYSE:CVS), Johnson Controls International plc (NYSE:JCI), and Qualcomm Inc. (NASDAQ:QCOM) today.
What is CNN Business Fear & Greed Index?
At a current reading of 43.5, the index remained in the “Fear” zone on Tuesday, versus a prior reading of 41.2.
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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