Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the “Neutral” zone on Tuesday.
U.S. stocks settled mixed on Tuesday, with the S&P 500 notching record closing highs for a second consecutive session. All the three major indices recorded gains last week.
On the economic data front, the NFIB Small Business Optimism Index climbed to 90.5 in May, notching the highest level in five months, compared to 89.7 in April and also topping market estimates of 89.8.
Investors are awaiting the Federal Reserve's interest-rate decision and consumer price index, due Wednesday.
Apple Inc. (NASDAQ:AAPL) shares surged to a record-high close on Tuesday after DA Davidson upgraded the stock, following a series of announcements from the company’s Worldwide Developers Conference 2024. General Motors Company (NYSE:GM) shares gained 1.4% after the company’s board approved a new $6 billion share repurchase authorization.
Most sectors on the S&P 500 closed on a negative note, with utilities, financial and industrial stocks recording the biggest losses on Tuesday. However, information technology and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by over 120 points to 38,747.42 on Tuesday. The S&P 500 rose 0.27% at 5,375.32, while the Nasdaq Composite climbed 0.88% at 17,343.55 during Tuesday's session.
Investors are awaiting earnings results from Broadcom Inc. (NASDAQ:AVGO), Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) and Oxford Industries, Inc. (NYSE:OXM) today.
What is the CNN Business Fear & Greed Index?
At a current reading of 46, the index remained in the “Neutral” zone on Tuesday, versus a prior reading of 43.5.
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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