Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed further decline in the overall market sentiment, but the index remained in the "Extreme Greed" zone on Monday.
U.S. stocks closed lower on Monday, ahead of some major economic reports due this week. Data on January's personal consumption expenditures price index will be released on Thursday. Data on GDP growth, durable goods, and manufacturing activity will also be released later this week.
All three major indices recorded gains last week, with the S&P 500 gaining around 1.7% and the Dow adding 1.3% for the week.
Shares of Domino’s Pizza Inc (NYSE: DPZ) gained around 5.9% on Monday after the company reported better-than-expected fourth-quarter earnings. Intuitive Machines, Inc. (NASDAQ: LUNR) shares dipped around 35% on Monday after the company said its lunar lander may have tipped over upon landing on the moon.
On the economic data front, building permits in the U.S. fell by 0.3% to an annual rate of 1.489 million in January. Sales of new single-family houses in the US. climbed by 1.5% from the prior month to an annualized rate of 661,000 in January.
Most sectors on the S&P 500 closed on a negative note, with utilities, communication services, and real estate stocks recording the biggest losses on Monday. However, energy and consumer discretionary stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 62 points to 39,069.23 on Monday. The S&P 500 fell 0.38% at 5,069.53, while the Nasdaq Composite fell 0.13% at 15,976.25 during Monday’s session.
Investors are awaiting earnings results from The J. M. Smucker Company (NYSE: SJM), Macy's, Inc. (NYSE: M), Macy's, Inc. (NYSE: LOW), and AutoZone, Inc. (NYSE: AZO) today.
At a current reading of 75.9, the index remained in the "Extreme Greed" zone on Monday, versus a prior reading of 77.5.
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.
Read Next: Charles & Colvard And 2 Other Stocks Under $1 Insiders Are Buying
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.