Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, but the index remained in the "Greed" zone on Tuesday.
U.S. stocks closed higher on Monday, following the release of inflation data. In February 2024, the inflation rate climbed to 3.2% compared to the previous year, surpassing both the previous and expected rate of 3.1%. On a monthly basis, the core CPI increased by 0.4%, in line with January’s figure and exceeding the predicted 0.3% rise.
Shares of Ranpak Holdings Corp. (NYSE: PACK) jumped around 52% on Tuesday after the company reported better-than-expected fourth-quarter revenue results and issued FY24 guidance. Caribou Biosciences, Inc. (NASDAQ: CRBU) shares fell over 30% after the company reported worse-than-expected fourth-quarter financial results. NVIDIA Corporation (NASDAQ: NVDA) shares surged over 7% amid AI momentum.
Most sectors on the S&P 500 closed on a positive note, with information technology, consumer discretionary, and communication services stocks recording the biggest gains on Tuesday. However, utilities and real estate stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by over 235 points to 39,005.49 on Tuesday. The S&P 500 rose 1.12% at 5,175.27, while the Nasdaq Composite jumped 1.54% at 16,265.64 during Tuesday’s session.
Investors are awaiting earnings results from Lennar Corporation (NYSE: LEN), Williams-Sonoma, Inc. (NYSE: WSM) and Dollar Tree, Inc. (NASDAQ: DLTR) today.
At a current reading of 69.3, the index remained in the "Greed" zone on Tuesday, versus a prior reading of 64.8.
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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