Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The CNN Money Fear and Greed index showed some decline in the overall market sentiment, but the index remained in the “Greed” zone on Monday.
U.S. stocks settled mixed on Monday, with the Nasdaq index settling at a record high level during the session.
U.S. stocks notched gains last week, with the Dow gaining 1.2% to record its fifth consecutive weekly gain, while the S&P 500 added 1.5% last week.
JPMorgan Chase & Co. (NYSE:JPM) shares fell 4.5% on Monday after CEO Jamie Dimon suggested the company would not buy back a lot of stock at current prices. NVIDIA Corporation (NASDAQ:NVDA) shares gained 2.5% after multiple analysts raised their price targets on the stock ahead of Wednesday's earnings report.
Most sectors on the S&P 500 closed on a negative note, with consumer staples, consumer discretionary and financial stocks recording the biggest losses on Monday. However, information technology and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 197 points to 39,806.77 on Monday. The S&P 500 rose 0.09% at 5,308.13, while the Nasdaq Composite gained 0.65% at 16,794.88 during Monday's session.
Investors are awaiting earnings results from Toll Brothers, Inc. (NYSE:TOL), Macy’s, Inc. (NYSE:M), and Lowe’s Companies, Inc. (NYSE:LOW) today.
At a current reading of 64.2, the index remained in the “Greed” zone on Monday, versus a prior reading of 64.5.
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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