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The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, with the index moving to the “Greed” zone on Monday.
U.S. stocks closed higher on Monday, with the S&P 500 recording its best day since June 5. The S&P 500 rose 1.08% at 5,564.41, while the Nasdaq Composite climbed 1.58% at 18,007.57 during Monday's session. The Dow Jones closed higher by around 128 points to 40,415.44.
President Joe Biden, on Sunday, dropped his bid for a second term in the White House.
NVIDIA Corp (NASDAQ:NVDA) shares gained 4.8% on Monday, after dipping 8% last week. Crowdstrike Holdings Inc (NASDAQ:CRWD) was the worst performer in the S&P 500, dipping around 13.5% on Monday. Verizon Communications Inc (NYSE:VZ) shares fell around 6% on Monday after it reported fiscal second-quarter results.
On the economic data front, the Chicago Fed National Activity index fell to 0.05 for June, versus the previous reading of 0.23. However, analysts were expecting a reading of -0.09.
Most sectors on the S&P 500 closed on a positive note, with communication services, information technology, and industrial stocks recording the biggest gains on Monday. However, energy and consumer staples stocks bucked the overall market trend, closing the session lower.
To recall, the S&P 500 fell 1.97%, while the Nasdaq dipped 3.65% last week, recording their biggest weekly losses since April. However, the Dow gained 0.72% during the week.
Investors are awaiting earnings results from Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), Tesla Inc. (NASDAQ:TSLA), The Coca-Cola Company (NYSE:KO) and General Motors Company (NYSE:GM) today.
What is CNN Business Fear & Greed Index?
At a current reading of 55.9, the index moved to the “Greed” zone on Monday, versus a prior reading of 50.
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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