The CNN Money Fear and Greed index showed some decline in the overall market sentiment, while the index remained in the “Neutral” zone on Monday.
U.S. stocks settled higher on Monday, with the Dow Jones index gaining more than 100 points during the session ahead of a busy week of economic reports leading up to next week’s Federal Reserve meeting. The Nasdaq Composite also settled at a record high level on Monday.
Broadcom Inc. (NASDAQ:AVGO) extended its rally, climbing another 3.2% after Friday’s 9.4% surge on blockbuster earnings. The chipmaker is on track for its best two-day performance since April 9. Robinhood Markets Inc. (NASDAQ:HOOD) soared around 16% — its biggest one-day gain in five months — after news that it will be added to the S&P 500 index.
On the economic front, the US Manheim Used Vehicle Value Index came in flat for August versus the previous month.
Most sectors on the S&P 500 closed on a negative note, with utilities, real estate and communication services stocks recording the biggest losses on Monday. However, information technology and consumer discretionary stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 114 points to 45,514.95 on Monday. The S&P 500 rose 0.21% to 6,495.15, while the Nasdaq Composite gained 0.45% to 21,798.70 during Monday's session.
Investors are awaiting earnings results from Designer Brands Inc. (NYSE:DBI), Core & Main Inc. (NYSE:CNM) and Oracle Corp. (NYSE:ORCL) today.
What is CNN Business Fear & Greed Index?
At a current reading of 51.5, the index moved to the “Neutral” zone on Monday, versus a prior reading of 53.1.
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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