The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the “Greed” zone on Monday.
U.S. stocks settled higher on Monday, with the Nasdaq Composite gaining more than 150 points during the session. Major large-cap indices extended records on Monday.
All three major indices recorded gains last week, with the S&P 500 rising 1.2% and the Dow adding 1%. The Nasdaq surged 2.2% during the period.
Nvidia Corp. (NASDAQ:NVDA) and Apple Inc. (NASDAQ:AAPL) both gained around 4%, pushing the so-called Magnificent Seven’s combined valuation to a record $20.9 trillion. The 10 most valuable U.S. companies now carry a record market cap of around $24.3 trillion.
On the economic front, the Chicago Fed National Activity Index rose to -0.12 in August, recording the highest reading in five months, versus a revised reading of -0.28 in the previous month.
Most sectors on the S&P 500 closed on a negative note, with communication services, consumer staples and consumer discretionary stocks recording the biggest losses on Monday. However, information technology and utilities stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 66 points to 46,381.54 on Monday. The S&P 500 rose 0.44% to 6,693.75, while the Nasdaq Composite gained 0.70% at 22,788.98 during Monday's session.
Investors are awaiting earnings results from AutoZone Inc. (NYSE:AZO), AAR Corp. (NYSE:AIR) and Micron Technology Inc. (NASDAQ:MU) today.
What is CNN Business Fear & Greed Index?
At a current reading of 63.2, the index remained in the “Greed” zone on Monday, versus a prior reading of 62.2.
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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