The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index moved to the “Greed” zone on Monday.
U.S. stocks settled higher on Monday, with the Nasdaq Composite gaining more than 200 points during the session ahead of Fed policy meeting.
All three major U.S. equity benchmarks recorded gains last week, with the S&P 500 notching its best weekly performance since August. The Dow, meanwhile, added around 1% last week.
The Hain Celestial Group, Inc. HAIN fell around 25% on Monday after the company reported worse-than-expected fourth-quarter financial results.
On the economic front, the New York Empire State Manufacturing Index declined to -8.7 in September, from 11.9 in August and versus market estimates of 5.
Most sectors on the S&P 500 closed on a negative note, with consumer staples, health care and materials stocks recording the biggest losses on Monday. However, consumer discretionary and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 49 points to 45,883.45 on Monday. The S&P 500 rose 0.47% to 6,615.28, while the Nasdaq Composite gained 0.94% to 22,348.75 during Monday’s session.
Investors are awaiting earnings results from Ferguson Enterprises Inc. FERG, Brand House Collective Inc. TBHC and Evolution Petroleum Corp. EPM today.
What is CNN Business Fear & Greed Index?
At a current reading of 57.7, the index moved to the “Greed” zone on Monday, versus a prior reading of 54.4.
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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