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 S&P 500 jumping to a new closing high.
All three major indices recorded weekly gains, with the S&P 500 gaining around 1.4% and adding more than 19% in 2024. The Dow gained around 1.6% last week, while the tech-heavy Nasdaq jumped around 1.5% during the week.
On the economic data front, the S&P Global manufacturing PMI declined to 47 in September from 47.9 in the prior month, versus market estimates of 48.5. The S&P Global flash composite PMI slipped to 54.4 in September compared to 54.6 in August and versus market estimates of 54.3.
Most sectors on the S&P 500 closed on a positive note, with energy, consumer discretionary, and real estate stocks recording the biggest gains on Monday. However, healthcare and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 61 points to 42,124.65 on Monday. The S&P 500 rose 0.28% to 5,718.57, while the Nasdaq Composite gained 0.14% at 17,974.27 during Monday's session.
Investors are awaiting earnings results from AAR Corp. (NYSE:AIR) and Red Cat Holdings, Inc. (NASDAQ:RCAT) today.
What is CNN Business Fear & Greed Index?
At a current reading of 64.4, the index remained in the “Greed” zone on Monday, versus a prior reading of 63.9.
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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