The CNN Money Fear and Greed index showed further decline in the overall market sentiment, while the index remained in the "Greed" zone on Tuesday.
U.S. stocks settled higher on Tuesday, with the S&P 500 settling at a fresh record level during the session.
Lowe's Companies Inc (NYSE:LOW) reported better-than-expected first-quarter financial results. Zoom Video Communications Inc (NASDAQ:ZM) reported stronger-than-expected earnings for its first quarter on Monday. Macy's Inc (NYSE:M) reported better-than-expected first-quarter adjusted earnings and raised the outlook.
Most sectors on the S&P 500 closed on a positive note, with utilities, consumer staples and financial stocks recording the biggest gains on Tuesday. However, energy and industrials stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 66 points to 39,872.99 on Tuesday. The S&P 500 rose 0.25% at 5,321.41, while the Nasdaq Composite gained 0.22% at 16,832.62 during Tuesday's session.
Investors are awaiting earnings results from Target Corporation (NYSE:TGT), Williams-Sonoma, Inc. (NYSE:WSM), and NVIDIA Corporation (NASDAQ:NVDA) today.
At a current reading of 62.5, the index remained in the "Greed" zone on Tuesday, versus a prior reading of 64.7.
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.