The CNN Money Fear and Greed index showed some decline in the overall market sentiment, while the index remained in the “Greed” zone on Monday.
U.S. stocks settled mostly higher on Monday, with the Dow Jones index gaining more than 100 points during the session. Major indices recorded gains last week. For the week, the S&P 500 gained 5.3%, while the Dow added 3.4%. The Nasdaq Composite was the standout performer, surging 7.2% last week.
Investors showed limited concern after Moody’s downgraded U.S. sovereign credit from Aaa to Aa1, effectively stripping the world’s largest economy of its last top-tier credit rating.
UnitedHealth Group Inc. (NYSE:UNH) shares jumped more than 8% on Monday, extending Friday’s 6% surge, after several company executives bought shares during the recent selloff. Novavax Inc. (NASDAQ:NVAX) surged 15% after the FDA approved its Nuvaxovid COVID-19 vaccine for high-risk individuals, including seniors over 65 and those aged 12–64 with underlying health conditions.
On the economic data front, the CB Leading Index fell 1% month-over-month in April.
Most sectors on the S&P 500 closed on a positive note, with health care, consumer staples, and industrials stocks recording the biggest gains on Monday. However, energy and consumer discretionary stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 137 points to 42,792.07 on Monday. The S&P 500 gained 0.09% to 5,963.60, while the Nasdaq Composite rose 0.02% to 19,215.46 during Monday's session.
Investors are awaiting earnings results from The Home Depot, Inc. (NYSE:HD), Toll Brothers Inc. (NYSE:TOL), and Palo Alto Networks Inc. (NASDAQ:PANW) today.
What is CNN Business Fear & Greed Index?
At a current reading of 69.6, the index remained in the “Greed” zone on Monday, versus a prior reading of 70.4.
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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