The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index moved to the “Greed” zone on Monday.
U.S. stocks settled lower on Monday, with the S&P 500 snapping a nine-session winning streak.
All three major averages recorded gains for the second week, with the S&P 500 adding 2.9% and the Dow gaining 3% on the week. The Nasdaq, meanwhile, closed higher by 3.4% for the week.
Shares of Skechers U.S.A., Inc. (NYSE:SKX) jumped over 24% on Monday after the company agreed to be acquired by 3G Capital for $63 per share. Tyson Foods, Inc. (NYSE:TSN) shares fell around 8% after the company reported worse-than-expected second-quarter sales results.
On the economic data front, the ISM services PMI rose to 51.6 in April versus a nine-month low level of 50.8 in the previous month March and topping market estimates of 50.6.
Most sectors on the S&P 500 closed on a negative note, with energy, consumer discretionary and information technology stocks recording biggest losses on Monday. However, consumer staples stocks bucked the overall market trend, closing the session slightly higher.
The Dow Jones closed lower by around 99 points to 41,218.83 on Monday. The S&P 500 fell 0.64% to 5,650.38, while the Nasdaq Composite fell 0.74% at 17,844.24 during Monday's session.
Investors are awaiting earnings results from Marriott International, Inc. (NASDAQ:MAR), Archer-Daniels-Midland Company (NYSE:ADM) and Advanced Micro Devices, Inc. (NASDAQ:AMD) today.
At a current reading of 56.4, the index moved to the “Greed” zone on Monday, versus a prior reading of 54.4.
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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