The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the “Fear” zone on Monday.
U.S. stocks settled higher on Monday, with the Nasdaq Composite gaining around 600 points, closing at a record high, with a fourth consecutive slide in crude oil relieving pressure on Treasury yields.
Major stock indices recorded a mixed week, with the Dow falling 1.7% and the S&P 500 losing about 0.1%. However, the tech-heavy Nasdaq recorded a weekly gain of 0.7%.
Shares of Intel Corp. (NASDAQ:INTC) jumped 12%, while Advanced Micro Devices (NASDAQ:AMD) added around 10% on Monday. Meta Platforms Inc. (NASDAQ:META) surged 11% on positive early responses to its Muse AI agent.
On the economic data front, the Chicago Fed National Activity Index fell to -0.04 in August versus a revised reading of +0.08 in the previous month.
Most sectors on the S&P 500 closed on a positive note, with communication services, information technology and consumer discretionary stocks recording the biggest gains on Monday. However, energy and utilities stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 366 points to 52,048.83 on Monday. The S&P 500 gained 1.49% to 7,764.70, while the Nasdaq Composite surged 2.26% at 27,122.09 during Monday’s session.
Investors are awaiting earnings results from AutoZone Inc (NYSE:AZO), Thor Industries Inc (NYSE:THO) and KB Home (NYSE:KBH) today.
At a current reading of 34, the index remained in the “Fear” zone on Monday, versus a prior reading of 30.
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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