Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed another decline in the overall market sentiment, while the index remained in the "Greed" zone on Monday.
U.S. stocks closed higher on Monday, with the S&P 500 snapping a three-session losing streak. The US Federal Reserve will start its two-day policy meeting today and will announce its interest-rate decision on Wednesday.
Shares of Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) gained over 4% on Monday following a report suggesting Apple (NASDAQ: AAPL) is in discussions to integrate Google Gemini into the iPhone. Shares of Science Applications International Corp (NYSE: SAIC) fell around 10% during Monday’s session after reporting fourth-quarter results.
On the economic data front, the NAHB/Wells Fargo Housing Market Index rose to 51 in March, the highest reading in eight months, compared to 48 in February, and beating market estimates of 48.
Most sectors on the S&P 500 closed on a positive note, with consumer staples, consumer discretionary, and communication services stocks recording the biggest gains on Monday. However, healthcare and real estate stocks bucked the overall market trend, closing the session slightly lower.
The Dow Jones closed higher by over 75 points to 38,790.43 on Monday. The S&P 500 rose 0.63% at 5,149.42, while the Nasdaq Composite climbed 0.82% at 16,103.45 during Monday’s session.
Investors are awaiting earnings results from Citi Trends, Inc. (NASDAQ: CTRN), Caleres, Inc. (NYSE: CAL) and Core & Main, Inc. (NYSE: CTRN) today.
At a current reading of 71.5, the index remained in the "Greed" zone on Monday, versus a prior reading of 72.5.
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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