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The CNN Money Fear and Greed index showed some easing in the overall fear level, while the index remained in the “Fear” zone on Tuesday.
U.S. stocks settled mixed on Tuesday, with the Dow Jones index gaining more than 200 points during the session as strong bank earnings lifted sentiment, even as renewed U.S.-China trade tensions kept investor enthusiasm in check.
Wells Fargo & Co. (NYSE:WFC), Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group Inc. (NYSE:GS) all surpassed analyst expectations.
At a National Association for Business Economics event, Federal Reserve Chair Jerome Powell reiterated that the employment risks have increased, shifting the Fed's balance of risk. This bolstered market confidence in a 25-basis-point interest rate cut, which investors now fully anticipate.
On the economic data front, the NFIB Small Business Optimism Index declined to 98.8 in September from 100.8 in the previous month, missing market estimates of 100.5.
Most sectors on the S&P 500 closed on a positive note, with industrials, consumer staples and financials stocks recording the biggest gains on Tuesday. However, consumer discretionary and information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 203 points to 46,270.46 on Tuesday. The S&P 500 fell 0.16% to 6,644.31, while the Nasdaq Composite declined 0.76% to 22,521.70 during Tuesday's session.
Investors are awaiting earnings results from Bank of America Corp. (NYSE:BAC), Morgan Stanley (NYSE:MS) and Abbott Laboratories (NYSE:ABT) today.
What is CNN Business Fear & Greed Index?
At a current reading of 29.5, the index remained in the “Fear” zone on Tuesday, versus a prior reading of 29.3.
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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