Nasdaq Hits New Record As Crude Oil Slides Further; Investor Sentiment Improves Slightly, But Fear & Greed Index Remains In ‘Fear’ Zone

The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the “Fear” zone on Tuesday.

U.S. stocks settled mixed on Tuesday, with the Nasdaq Composite gaining more than 100 points, hitting a new record close.

West Texas Intermediate crude fell for the fifth consecutive session, hitting the lowest level in two weeks on Tuesday.

Speaking at the United Nations General Assembly on Tuesday, President Donald Trump said he faces a "big decision" on whether to negotiate with Tehran or "annihilate the Islamic Republic," adding, "I believe we’ll make a deal right after the election because it doesn’t make sense for them not to."

Shares of Thor Industries Inc. (NYSE:THO) gained over 5% on Tuesday after the company reported results for the fourth quarter. AutoZone Inc. (NYSE:AZO) rose 3% as the company reported better-than-expected fourth-quarter earnings.

On the economic data front, the Federal Reserve’s Fifth District manufacturing index declined to -2 in September, compared to 4 in the previous month and versus market estimates of 5.

Most sectors on the S&P 500 closed on a negative note, with communication services, financial and energy stocks recording the biggest losses on Tuesday. However, materials and consumer staples stocks closed the session higher.

The Dow Jones closed lower by around 185 points to 51,863.69 on Tuesday. The S&P 500 slipped 0.01% to 7,764.64, while the Nasdaq Composite surged 0.45% at 27,244.28 during Tuesday’s session.

Investors are awaiting earnings results from General Mills Inc. (NYSE:GIS), Cintas Corp. (NASDAQ:CTAS) and Paychex Inc. (NASDAQ:PAYX) today.

What is CNN Business Fear & Greed Index?

At a current reading of 35, the index remained in the “Fear” zone on Tuesday, versus a prior reading of 34.

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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