S&P Edges Higher Ahead Of Nvidia Earnings: Investors Sentiment Improves

Avi KapoorBenzinga Lightning Feed

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 (NASDAQ:NVDA).

Traders are expecting the Federal Reserve to cut rates by at least 25 basis points at the Sept. 17-18 policy meeting.

ScanSource, Inc. (NASDAQ:SCSC) reported worse-than-expected fourth-quarter financial results. American Woodmark Corporation (NASDAQ:AMWD) 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 (NASDAQ:NVDA), HP Inc. (NYSE:HPQ) and The J. M. Smucker Company (NYSE:SJM) 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.

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