The CNN Money Fear and Greed index showed almost no change in the overall fear level, while the index remained in the “Extreme Fear” zone on Tuesday.
U.S. stocks settled mostly higher on Tuesday, with the Nasdaq Composite gaining more than 100 points during the session as investors continued to assess developments in the Iran war.
President Donald Trump declared the United States “does not need the help of anyone” after most NATO allies declined to join the military operation against Iran, writing that America had already “decimated Iran’s Military” — their navy, air force, anti-aircraft systems, and leadership “at virtually every level.”
The Federal Reserve kicked off its two-day policy meeting on Tuesday, with its rate decision due Wednesday. No change to the 3.75% fed funds rate is expected.
In earnings, Elbit Systems Ltd. (NASDAQ:ESLT) shares jumped over 10% on Tuesday after the company reported better-than-expected fourth-quarter adjusted EPS results. Academy Sports and Outdoors Inc. (NASDAQ:ASO) reported downbeat earnings for the fourth quarter on Tuesday.
On the economic data front, private employers in the US added an average of 9,000 jobs a week during the four weeks ending Feb. 28, compared to the revised 14,750 jobs per week in the previous period, the ADP said. The Federal Reserve Bank of New York’s general business activity index rose to -22.6 in March from -25.7 in the prior month.
Most sectors on the S&P 500 closed on a positive note, with energy, consumer discretionary and communication services stocks recording the biggest gains on Tuesday. However, consumer staples and health care stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 47 points to 46,993.26 on Tuesday. The S&P 500 gained 0.25% to 6,716.09, while the Nasdaq Composite gained 0.47% at 22,479.53 during Tuesday’s session.
Investors are awaiting earnings results from Macy’s Inc. (NYSE:M), Jabil Inc. (NYSE:JBL) and Micron Technology Inc. (NASDAQ:MU) today.
What is CNN Business Fear & Greed Index?
At a current reading of 21.5, the index remained in the “Extreme Fear” zone on Tuesday, versus a prior reading of 21.6.
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.
Photo via Shutterstock
Recent Comments