Investor Optimism Improves, But Fear & Greed Index Remains In 'Fear' Zone

Author: Avi Kapoor | April 23, 2024 02:48am

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 higher on Monday, with the S&P 500 snapping a six-session losing streak.

On the economic data front, the Chicago Fed National Activity Index increased to +0.15 in March versus a revised reading of +0.09 in the previous month, topping market estimates of +0.09.

Shares of Zions Bancorporation, N.A. (NASDAQ:ZION) gained around 4% on Monday after the company reported upbeat earnings for its first quarter. Verizon Communications Inc (NYSE:VZ) stock fell around 5% on Monday after it reported fiscal first-quarter 2024 results.

All sectors on the S&P 500 closed higher, with financial, utilities, and information technology stocks recording the biggest gains on Monday.

The Dow Jones closed higher by around 254 points to 38,239.98 on Monday. The S&P 500 rose 0.87% at 5,010.60, while the Nasdaq Composite climbed 1.11% at 15,451.31 during Monday's session.

Investors are awaiting earnings results from Tesla, Inc. (NASDAQ:TSLA), General Motors Company (NYSE:GM), Visa Inc. (NYSE:V) and PepsiCo, Inc. (NASDAQ:PEP) today.

At a current reading of 37.6, the index remained in the “Fear” zone on Monday, versus a prior reading of 32.3.

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.

Also Read This: Top 2 Consumer Stocks That May Implode In April

Posted In: GM PEP TSLA V VZ ZION