Benzinga - by Lisa Levin, Benzinga Editor.
The CNN Money Fear and Greed index showed some easing in the fear level, but remained in the "Fear" zone on Monday.
U.S. stocks closed mixed on Monday, after the U.S. Congress narrowly averted a government shutdown.
On the economic data front, the ISM manufacturing PMI increased to 49 in September from 47.6 in the prior month, above market estimates of 47.8. Construction spending, meanwhile, increased by 0.5% month-over-month to an annual rate of $1,983.5 billion in August.
Most sectors on the S&P 500 closed on a negative note, with utilities, real estate and energy stocks recording the biggest losses on Monday. However, information technology and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 74 points to 33,433.35 on Monday. The S&P 500 rose 0.01% at 4,288.39, while the Nasdaq Composite added 0.67% at 13,307.77 during Monday’s session.
The S&P 500 ended the quarter lower by 3.7%, while the Dow recorded a 2.6% decline for the quarter.
Investors are awaiting earnings results from McCormick & Company, Incorporated (NYSE: MKC), Cal-Maine Foods, Inc. (NASDAQ: CALM) and Trinity Biotech plc (NASDAQ: TRIB) today.
At a current reading of 28.1, the index remained in the "Fear" zone on Monday, compared to a previous reading of 25.5.
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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