Copyright Benzinga
The CNN Money Fear and Greed index showed an increase in the overall fear level, while the index moved to the “Fear” zone on Monday. U.S. stocks settled mixed on Monday, with the Dow Jones index falling more than 200 points during the session. U.S. stocks recorded gains last month, as the S&P 500 added 2.3% and the Dow surged 2.5% in October. The Nasdaq jumped 4.7% last month. Among the Magnificent Seven, Nvidia Corp. (NASDAQ:NVDA) jumped 2.2%, and further cementing its dominance. Amazon.com Inc. (NASDAQ:AMZN) extended its post-earnings surge, climbing another 4% after Friday’s 9.6% rally — its strongest two-day performance since November 2022. On the economic data front, the ISM manufacturing PMI declined to 48.7 in October from 49.1 in the previous month, down from market estimates of 49.5. Most sectors on the S&P 500 closed on a negative note, with consumer staples, materials and financial stocks recording the biggest losses on Monday. However, consumer discretionary and information technology stocks bucked the overall market trend, closing the session higher. The Dow Jones closed lower by around 226 points to 47,336.68 on Monday. The S&P 500 gained 0.17% to 6,851.97, while the Nasdaq Composite climbed 0.46% at 23,834.72 during Monday's session. Investors are awaiting earnings results from Williams Companies Inc. (NYSE:WMB), Goodyear Tire & Rubber Co (NASDAQ:GT) and ON Semiconductor Corp. (NASDAQ:ON) today. What is CNN Business Fear & Greed Index? At a current reading of 44.2, the index moved to the “Fear” zone on Monday, versus a prior reading of 48.5. 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. Read Next: Jim Cramer Says Stay Away From AT&T, Calls Nextracker ‘Tremendous’ Photo via Shutterstock
