Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed a slight decline in the overall market sentiment, but the index remained in the "Greed" zone on Monday.
U.S. stocks closed lower on Monday, with the Dow Jones index falling more than 150 points during the session.
U.S. markets are on course to record gains for the fifth straight month, with the major indices hitting fresh record closing highs last week. The S&P 500 added around 2.3% last week.
Shares of United Airlines Holdings, Inc. (NASDAQ: UAL) fell 3.4% on Monday after the FAA reportedly weighed curbing new routes for the airline amid recent safety issues.
On the economic data front, the Chicago Fed National Activity Index rose to a three-month high level of 0.05 in February versus a revised reading of -0.54 in the prior month. Sales of new single-family houses in the U.S. fell by 0.3% from the prior month to an annualized rate of 662,000 in February, compared to market estimates of 675,000.
Most sectors on the S&P 500 closed on a negative note, with industrial, real estate, and information technology stocks recording the biggest losses on Monday. However, energy and utilities bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 162 points to 39,313.64 on Monday. The S&P 500 fell 0.31% at 5,218.19, while the Nasdaq Composite fell 0.27% at 16,384.47 during Monday’s session.
Investors are awaiting earnings results from McCormick & Company, Incorporated (NYSE: MKC), McCormick & Company, Incorporated (NYSE: SNX) and GameStop Corp. (NYSE: GME) today.
At a current reading of 67.6, the index remained in the "Greed" zone on Monday, versus a prior reading of 67.9.
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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