The CNN Money Fear and Greed index remained in the “Fear” zone on Monday.

U.S. stocks settled lower on Monday, with the Dow Jones index dipping more than 300 points during the session amid rising oil prices.

U.S. major stock benchmarks also recorded losses last week, with the S&P 500 falling 1.6% and the Nasdaq dipping 2.9%. The Dow also declined 0.9% last week.

Markets are also pricing in one Fed rate hike this year. The odds of a September move are holding above 60% ahead of next week’s FOMC meeting, where policymakers are widely expected to stay on hold.

IREN Ltd. (NASDAQ:IREN) soared around 20% after signing $2.8 billion in new multi-year AI Cloud contracts with a customer roster that includes Microsoft, Nvidia and Perplexity, prompting the company to lift its year-end AI cloud annual recurring revenue target above $4 billion.

On the earnings front, shares of Ryanair Holdings PLC (NASDAQ:RYAAY) fell more than 5% on Monday following weak first-quarter results. Domino’s Pizza Inc. (NASDAQ:DPZ) stock rose over 2% on Monday after the company reported second-quarter revenue that topped Wall Street estimates, although earnings per share missed expectations.

Most sectors on the S&P 500 closed on a negative note, with health care, materials and industrials stocks recording the biggest losses on Monday. However, communication services and energy stocks bucked the overall market trend, closing the session higher.

The Dow Jones closed lower by around 307 points to 51,839.26 on Monday. The S&P 500 fell 0.19% to 7,443.28, while the Nasdaq Composite declined 0.05% to 25,508.07 during Monday’s session.

Investors are awaiting earnings results from General Motors Co. (NYSE:GM), 3M Co. (NYSE:MMM) and Northrop Grumman Corp. (NYSE:NOC) today.

What is CNN Business Fear & Greed Index?

At a current reading of 37.6, the index remained in the “Fear” zone on Monday.

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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