The CNN Money Fear and Greed index showed some growth in the overall fear level but remained in the "Fear" zone on Tuesday.
U.S. stocks closed higher on Tuesday, with the S&P 500 recording its longest winning streak in around two years. The Dow Jones also gained for a seventh consecutive session to notch its longest winning streak since July.
Technology stocks recorded gains on Tuesday amid a decline in yields. The yield on the 10-year Treasury note fell to around 4.573% during Tuesday’s session.
Datadog, Inc. DDOG shares jumped over 28% on Tuesday after the company reported better-than-expected third-quarter results and issued strong guidance. Uber Technologies, Inc UBER said third-quarter revenue increased 11% year-over-year to $9.29 billion, missing the consensus of $9.52 billion, while GAAP EPS of $0.10 missed the consensus of $0.12.
On the economic data front, the trade deficit in the U.S. increased to $61.5 billion in September versus a revised $58.7 billion gap in the prior month and compared to market estimates of $59.9 billion.
Most sectors on the S&P 500 closed on a negative note, with energy and materials stocks recording the biggest losses on Tuesday. However, consumer discretionary and information technology stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 57 points to 34,152.60 on Tuesday. The S&P 500 rose 0.28% at 4,378.38, while the Nasdaq Composite gained 0.90% at 13,639.86 during Tuesday’s session.
Investors are awaiting earnings results from Ralph Lauren Corporation RL, Kellanova K, The Walt Disney Company DIS, and Lyft, Inc. LYFT today.
At a current reading of 40.8, the index remained in the "Fear" zone on Tuesday, versus a prior reading of 41.7.
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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