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The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, but the index remained in the “Neutral” zone on Tuesday.
U.S. stocks settled mixed on Tuesday, with the S&P 500 closing the session near the flatline after surging to a record high. Major indices recorded gains last week, with the S&P 500 gaining 4% and the Nasdaq adding 5.9%. The Dow also climbed 2.6% last week.
The Federal Reserve is scheduled to announce its policy decision on Wednesday and is widely expected to cut interest rates.
Compass Minerals International, Inc. shares jumped 21% on Tuesday after the company announced preliminary third-quarter revenue above estimates. Intel Corporation shares gained 2.7% after the company announced a strategic collaboration with AWS to help advance US-based chip manufacturing.
On the economic data front, U.S. retail sales rose 0.1% month-over-month in August compared to a revised 1.1% gain in July, topping market estimates of a 0.2% decline. The NAHB/Wells Fargo Housing Market Index climbed to 41 in September versus 39 in the prior month. Total business inventories rose by 0.4% month-over-month in July compared to a 0.3% gain in June, topping market expectations of a 0.3% increase.
Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, energy, and industrials stocks recording the biggest gains on Tuesday. However, healthcare and consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed lower by around 16 points to 41,606.18 on Tuesday. The S&P 500 rose 0.03% to 5,634.58, while the Nasdaq Composite rose 0.20% at 17,628.06 during Tuesday's session.
Investors are awaiting earnings results from General Mills, Inc. , Steelcase Inc. , and Sangoma Technologies Corporation today.
What is CNN Business Fear & Greed Index?
At a current reading of 54.9, the index remained in the “Neutral” zone on Tuesday, versus a prior reading of 54.1.
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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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining around 0.2% on Tuesday.
The Dow traded up 0.01% to 41,628.39 while the NASDAQ rose 0.19% to 17,624.93. The S&P 500 also rose, gaining, 0.03% to 5,634.76.
Check This Out: How To Earn $500 A Month From FedEx Stock Ahead Of Q1 Earnings
Leading and Lagging Sectors
Energy shares jumped by 1.3% on Tuesday.
In trading on Tuesday, health care shares fell by 1.1%.
Top Headline
The NAHB/Wells Fargo Housing Market Index climbed to 41 in September versus 39 in the prior month.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 1.6% to $71.21 while gold traded down 0.4% at $2,597.30.
Silver traded down 0.3% to $31.05 on Tuesday, while copper rose 0.1% to $4.2760.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.40%, Germany's DAX rose 0.50% and France's CAC 40 gained 0.51%. Spain's IBEX 35 Index rose 1.06%, while London's FTSE 100 rose 0.38%.
The ZEW Indicator of Economic Sentiment for the Eurozone fell 8.6 points to an eleven-month low level of 9.3. The ZEW Indicator of Economic Sentiment for Germany fell to 3.6 in September from 19.2 in August.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 falling 1.03%, Hong Kong's Hang Seng Index gaining 1.37% and India's BSE Sensex gaining 0.11%.
The merchandise trade deficit in India increased to $29.7 billion in August, recording the highest level in ten months. India's wholesale prices rose by 1.31% year-over-year in August compared to a 2.04% rise in the prior month.
Economics
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Compass Minerals Intl Inc shares are trading higher after the company announced preliminary third-quarter revenue above estimates.
The company reported preliminary revenue of $202.9 million, exceeding the estimated $197.775 million.
Compass Minerals reported preliminary adjusted EBITDA of $32.8 million, including a $0.9 million non-cash gain from a decrease in the Fortress contingent liability.
The Salt segment showed strong performance with adjusted EBITDA of $28.05 per ton. The average sales price for sulfate of potash rose to $691.27 per ton for the second consecutive quarter.
Additionally, Plant Nutrition segment witnessed an adjusted EBITDA per ton of $128.57 and an adjusted EBITDA margin of 18.6%.
Edward C. Dowling Jr., president and CEO, said, “Compass Minerals’ core businesses produced strong results in the third quarter. We had solid results in the Salt segment that reflect the robust earnings potential of that business, while we continued to see sequential improvements in realized price, adjusted EBITDA per ton, and adjusted EBITDA margin in the Plant Nutrition segment.”
“It’s disappointing that we have been delayed in sharing the positive performance of the core businesses with the market due to issues surrounding certain historical accounting matters. It is important for the market to know that the core Salt and Plant Nutrition business are performing well, and that we are also focused on positioning the company for better performance in the future.”
Compass Minerals stated that it continues to assess various options for the future of Fortress North America.
The company ended the quarter with $220.8 million in liquidity, including $12.8 million in cash and cash equivalents and $208.0 million available under its $375 million revolving credit facility.
Also, the company is actively engaged with its current and predecessor auditors as it corrects the errors and restates the affected financial statements.
As part of that process, additional audit procedures covering fiscal years 2021 through 2023 have been needed, thereby extending the process to complete the restatements.
Outlook: Compass Minerals has revised its FY24 revenue outlook, adjusting the Salt segment forecast from $900 million – $920 million to $900 million – $910 million, and the Plant Nutrition segment forecast from $170 million – $205 million to $175 million – $185 million.
Price Action: CMP shares are up 24.2% at $11.44 at the last check Tuesday.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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