Benzinga Real Times
2024.07.10 07:52
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S&P 500 Clinches Yet Another Record Close After Jerome Powell's Testimony, Fear & Greed Index Remains In 'Neutral' Zone Ahead Of Key Data

S&P 500 reaches another record close after positive comments on the economy from Federal Reserve Chairman Jerome Powell. Fear & Greed Index remains neutral. Consumer price index and producer price index data to be released. NVIDIA shares gain. Major banks to report second-quarter earnings.

The CNN Money Fear and Greed index remained in the “Neutral” zone on Tuesday.

U.S. stocks closed mixed on Tuesday, with the S&P 500 hitting fresh record as Federal Reserve Chairman Jerome Powell issued positive comments on the economy and the job market during his semiannual testimony before the Senate Banking Committee.

Data on consumer price index for June will be released on Thursday, while producer price index data will be released on Friday.

NVIDIA Corporation NVDA shares gained 2.5% on Tuesday as Keybanc analyst John Vinh maintained the stock with an Overweight rating and boosted the price target from $130 to $180.

Most sectors on the S&P 500 closed on a positive note, with financials, health care and utilities stocks recording the biggest gains on Tuesday. However, energy and materials stocks bucked the overall market trend, closing the session lower.

The Dow Jones closed lower by around 53 points to 39,291.97 on Tuesday. The S&P 500 rose 0.07% at 5,576.98, while the Nasdaq Composite climbed 0.14% at 18,429.29 during Tuesday's session.

Investors are awaiting earnings results from Manchester United plc MANU, PriceSmart, Inc. PSMT and AZZ Inc. AZZ today.

Big banks, including, Citigroup C and JPMorgan Chase JPM are scheduled to report second-quarter earnings on Friday.

What is CNN Business Fear & Greed Index?

At a current reading of 52.3, the index remained in the “Neutral” zone on Tuesday, versus a prior reading of 52.3.

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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Stocks Photo by Jirapong Manustrong on Shutterstock