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The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, with the index in the “Neutral” zone on Tuesday.
U.S. stocks settled slightly higher on Tuesday, ahead of earnings reports from NVIDIA Corporation .
Traders are expecting the Federal Reserve to cut rates by at least 25 basis points at the Sept. 17-18 policy meeting.
ScanSource, Inc. reported worse-than-expected fourth-quarter financial results. American Woodmark Corporation shares fell around 11% after the company reported worse-than-expected first-quarter financial results and expects FY25 sales to decline in low single digits.
On the economic data front, the S&P CoreLogic Case-Shiller home price index climbed by 6.5% year-over-year in June compared to a revised 6.9% rise in the prior month. The FHFA house price index fell 0.1% in June, compared to market expectations for a 0.2% gain.
Most sectors on the S&P 500 closed on a positive note, with financials, information technology and real estate stocks recording the biggest gains on Tuesday. However, energy and utilities stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 10 points to 41,250.50 on Tuesday. The S&P 500 rose 0.16% to 5,625.80, while the Nasdaq Composite gained 0.16% at 17,754.82 during Tuesday's session.
Investors are awaiting earnings results from NVIDIA Corporation , HP Inc. and The J. M. Smucker Company today.
At a current reading of 52.9, the index moved to the “Neutral” zone on Tuesday, versus a prior reading of 43.6.
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.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index Tuesday closed up +0.16%, the Dow Jones Industrials Index closed up +0.02%, and the Nasdaq 100 Index closed up +0.33%.
US stocks Tuesday shook off early losses and closed slightly higher. Stocks recovered Tuesday after the Conference Board Aug US consumer confidence index rose more than expected to a 6-month high.
Also, chip stocks rebounded from early losses Tuesday and turned higher, boosting the broader market.
Higher T-note yields Tuesday were negative for stocks. Corporate news Tuesday was mixed for stocks. On the bullish side, Insulet closed up more than +6% after receiving FDA clearance for its Omnipod 5 to treat people with Type 2 diabetes ages 18 years and older. Conversely, Paramount Global closed down more than -7% after Bronfman Jr. dropped out of a bidding war for the company. Also, Cava Group closed down more than -6% after the company’s largest shareholder, Artal International S.C.A., filed to sell 6 million shares.
June S&P CoreLogic US composite-20 home price index growth eased to a 6-month low of +6.47% y/y from +6.88% y/y in May but was stronger than expectations of +6.14% y/y.
The Conference Board’s Aug US consumer confidence index rose +1.4 to a 6-month high of 103.3, stronger than expectations of 100.7.
The US Aug Richmond Fed manufacturing survey current conditions index unexpectedly fell -2 to a 4-1/4 year low of -19 versus expectations of an increase to -14.
The markets are awaiting Wednesday’s earnings results from Nvidia and Friday’s US July core PCE deflator, the Fed’s preferred inflation gauge.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 35% for a -50 bp rate cut at that meeting.
Overseas stock markets Tuesday settled mixed. The Euro Stoxx 50 closed up +0.04%. China's Shanghai Composite closed down -0.24%. Japan's Nikkei Stock 225 closed up +0.47%.
Interest Rates
September 10-year T-notes (ZNU24) Tuesday closed down -2.5 ticks. The 10-year T-note yield rose +1.9 bp to 3.835%. T-note prices Tuesday posted modest losses. Higher European government bond yields Tuesday weighed on T-note prices as the 10-year German bund and 10-year UK gilt yields rose to 3-1/2 week highs. Also, an increase in inflation expectations was negative for T-notes after Tuesday's US 10-year breakeven inflation rate rose to a 3-week high of 2.158%.
T-notes recovered from their worst levels Tuesday on decent demand for the Treasury’s $69 billion auction of 2-year T-notes with a bid-to-cover ratio of 2.68, better than the 10-auction average of 2.62.
European government bond yields Tuesday moved higher. The 10-year German bund yield climbed to a 3-1/2 week high of 2.300% and finished up +4.1 bp at 2.288%. The 10-year UK gilt rose to a 3-1/2 week high of 4.020% and finished up +8.6 bp at 3.998%.
The German Sep GfK consumer confidence index unexpectedly fell -3.4 points to a 4-month low of -22.0, weaker than expectations of an increase to -18.2.
ECB Governing Council member Centeno said the direction of monetary policy in the Eurozone seems "relatively clear" given indicators such as lower inflation.
ECB Governing Council member Knot said he favors gradual monetary easing so long as inflation stays on track to return to the ECB's 2% goal next year.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 98% for the September 12 meeting.
US Stock Movers
Chip stocks recovered from early losses Tuesday and turned higher, boosting the broader market. Analog Devices closed up more than +2% to lead gainers in the Nasdaq 100. Also, Qualcomm closed up more than +2%. In addition, Nvidia , Marvell Technology , Texas Instruments , ARM Holdings Plc , NXP Semiconductors NV , KLA Corp , and ON Semiconductors closed up more than +1%.
Cruise line operators rallied Tuesday on the outlook for cruise demand to remain robust after Melius Research said cruise operators are the only part of the travel industry where analysts are raising their earnings estimates. As a result, Royal Caribbean Cruises closed up more than +4%. Also, Norwegian Cruise Line Holdings closed up more than +3%, and Carnival closed up more than +2%.
ResMed closed up more than +7% to lead gainers in the S&P 500 after William Blair said the company views the GLP-1 weight loss drug impact as a “tailwind” for its sleep apnea and CPAP business.
Insulet closed up more than +6% after the company received FDA clearance for its Omnipod 5 to treat people with Type 2 diabetes ages 18 years and older.
Paramount Global closed down more than -7% after Bronfman Jr. dropped out of a bidding war for the company.
Super Micro Computer closed down more than -2% after Hindenburg Research said it had a short position in the stock.
Cava Group closed down more than -6% after the company’s largest shareholder, Artal International S.C.A., filed to sell 6 million shares.
American Woodmark closed down more than -10% after reporting Q1 net sales of $459.1 million, weaker than the consensus of $479.6 million.
Hershey closed down more than -2% after Citigroup downgraded the stock to sell from neutral with a price target of $182.
Energizer Holdings closed up more than +6% after Truist Securities upgraded the stock to buy from hold with a price target of $40.
JD.com closed up more than +2% after the company announced a $5 billion stock repurchase program.
Trip.com closed up more than +8% after reporting Q2 adjusted earnings per American depositary receipts of 7.25 yuan, well above the consensus of 5.22 yuan.
Earnings Reports (8/28/2024)
Affirm Holdings Inc (AFRM), Bath & Body Works Inc (BBWI), Cooper Cos Inc/The (COO), Crowdstrike Holdings Inc (CRWD), Donaldson Co Inc (DCI), Five Below Inc (FIVE), HP Inc (HPQ), J M Smucker Co/The (SJM), Kohl's Corp (KSS), NetApp Inc (NTAP), Nutanix Inc (NTNX), NVIDIA Corp (NVDA), Okta Inc (OKTA), Pure Storage Inc (PSTG), Salesforce Inc (CRM), Veeva Systems Inc (VEEV).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Consumer stocks were mixed late Tuesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.2%.
Redbook US same-store sales last week rose 5% from a year earlier after a 4.9% increase in the previous week.
In corporate news, Trip.com's shares jumped 8.6% as the Chinese travel operator posted higher-than-expected Q2 earnings, buoyed by strong demand for local and international travel.
VOXX International shares surged 73% after the company said its board is mulling alternatives, including selling itself, a sale of segments, operational enhancements or other deals.
American Woodmark shares tumbled 9.8% after fiscal Q1 results dropped from a year earlier, and the cabinet maker lowered full-year guidance amid weakness in the home-remodeling market.
Paramount shares dropped 6.8%. The company said late Monday the "go-shop" period under its merger agreement with Skydance Media ended following the withdrawal of a rival bid from a group of investors led by Edgar Bronfman Jr.
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