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The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the “Greed” zone on Monday.
U.S. stocks settled higher on Monday, with the Nasdaq Composite gaining more than 100 points during the session.
Wall Street closed on a positive note last month, with the S&P 500 gaining more than 6.2% in May and the Nasdaq jumping 9.6%. Both indices recorded their strongest months since November 2023. The Dow surged 3.9% for the month.
President Donald Trump announced over the weekend that tariffs on steel and aluminum imports will be doubled to 50% starting June 4, reigniting trade tensions with China. Beijing responded by accusing Washington of seriously violating trade agreements and pledged to take strong measures to defend its interests. The renewed dispute ignited a rally in precious and industrial metals.
Campbell's Co. (NASDAQ:CPB) posted better-than-expected third-quarter results. Lyra Therapeutics Inc. (NASDAQ:LYRA) shares jumped over 310% on Monday after the company announced its ENLIGHTEN 2 Phase 3 trial of LYR-210 met its primary endpoint.
On the economic data front, the ISM manufacturing PMI declined to 48.5 in May compared to 48.7 in April, also missing market estimates of 49.5. U.S. construction spending declined by 0.4% month-over-month to an annual rate of $2,152.4 billion in April following a revised 0.8% fall in March.
Most sectors on the S&P 500 closed on a positive note, with energy, communication services and information technology stocks recording the biggest gains on Monday. However, industrial stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 35 points to 42,305.48 on Monday. The S&P 500 gained 0.41% to 5,935.94, while the Nasdaq Composite climbed 0.67% at 19,242.61 during Monday's session.
Investors are awaiting earnings results from Dollar General Corp. (NYSE:DG), Signet Jewelers Ltd. (NYSE:SIG) and Ferguson Enterprises Inc. (NYSE:FERG) today.
What is CNN Business Fear & Greed Index?
At a current reading of 62.3, the index remained in the “Greed” zone on Monday, versus a prior reading of 61.6.
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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