Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the “Fear” zone on Monday.
U.S. stocks closed mixed on Monday, with the Dow Jones index surging more than 250 points during the session. However, the Nasdaq Composite recorded its worst session since April.
Last week, the S&P 500 recorded a gain of 0.6%, while the Dow Jones index gained 1.45% to record its strongest weekly performance since May.
On the economic data front, the Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas improved to -15.1 in June compared to -19.4 in May.
Shares of NVIDIA Corporation (NASDAQ:NVDA) fell about 6.7%, after recording a 4% decline last week. Alimera Sciences, Inc. (NASDAQ:ALIM) shares jumped around 76% after the company announced that it signed a definitive agreement to be acquired by ANI Pharmaceuticals (NASDAQ:ANIP).
Most sectors on the S&P 500 closed on a positive note, with consumer staples, energy and utilities stocks recording the biggest gains on Monday. However, information technology and consumer discretionary stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by over 260 points to 39,411.21 on Monday. The S&P 500 fell 0.31% at 5,447.87, while the Nasdaq Composite dipped 1.09% at 17,496.82 during Monday's session.
Investors are awaiting earnings results from Carnival Corporation (NYSE:CCL), FedEx Corporation (NYSE:FDX) and TD SYNNEX Corporation (NYSE:SNX) today.
What is CNN Business Fear & Greed Index?
At a current reading of 39.6, the index remained in the “Fear” zone on Monday, versus a prior reading of 39.3.
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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