Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index remained in the "Fear" zone on Tuesday.
U.S. stocks closed higher on Tuesday, ahead of the Federal Reserve's monetary policy decision. The central bank is widely projected to keep interest rates unchanged on Wednesday. Data on jobs report for October will be released on Friday.
As far as the earnings season is concerned, 279 S&P 500 companies have released quarterly results so far, with over 78% of those exceeding market estimates.
Caterpillar Inc. (NYSE: CAT) shares fell around 6.7% on Tuesday after the company reported third-quarter financial results. Amgen Inc. (NASDAQ: AMGN) shares fell 2.9% after the company reported mixed third-quarter financial results and issued FY23 guidance.
On the economic data front, the S&P CoreLogic Case-Shiller 20-city home price index climbed 2.2% year-over-year in August versus a 0.2% increase in July. Compensation costs for civilian workers rose by 1.1% in the third quarter.
All sectors on the S&P 500 closed on a positive note, with real estate and financial stocks recording the biggest gains on Tuesday.
The Dow Jones closed higher by around 124 points to 33,052.87 on Tuesday. The S&P 500 rose 0.65% at 4,193.80, while the Nasdaq Composite gained 0.48% at 12,851.24 during Tuesday’s session. The S&P 500 fell 2.2% last month, while the Dow lost 1.4% in October.
Investors are awaiting earnings results from The Kraft Heinz Company (NASDAQ: KHC), CVS Health Corporation (NYSE: CVS), McKesson Corporation (NYSE: MCK) and QUALCOMM Incorporated (NASDAQ: QCOM) today.
At a current reading of 30.6, the index remained in the "Fear" zone on Tuesday.
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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