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The CNN Money Fear and Greed index showed a slight decline in the overall market sentiment, but the index remained in the “Fear” zone on Monday.
U.S. stocks settled higher on Monday, with the Dow Jones index recording gains for the fourth straight session.
Data released Friday showed U.S. employers added 175,000 nonfarm payrolls in April, marking a reduction from the upwardly revised 315,000 reading in March and missing the expected 238,000. The unemployment rate went from 3.8% to 3.9%, more than the expected 3.8%.
Micron Technology Inc (NASDAQ:MU) shares gained around 5% on Monday after Baird analyst Tristan Gerra upgraded the stock from Neutral to Outperform and raised its price target from $115 to $150. Tyson Foods, Inc. (NYSE:TSN) shares fell 5.7% after the company reported worse-than-expected second-quarter revenue results.
Most sectors on the S&P 500 closed on a positive note, with communication services, financial and information technology stocks recording the biggest gains on Monday. However, real estate stocks bucked the overall market trend, closing the session slightly lower.
The Dow Jones closed higher by around 177 points to 38,852.27 on Monday. The S&P 500 rose 1.03% at 5,180.74, while the Nasdaq Composite jumped 1.19% at 16,349.25 during Monday's session.
Investors are awaiting earnings results from McKesson Corporation (NYSE:MCK), Electronic Arts Inc. (NASDAQ:EA), and The Walt Disney Company (NYSE:DIS) today.
At a current reading of 40.2, the index remained in the “Fear” zone on Friday, versus a prior reading of 40.5.
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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