The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, with the index moving to the “Extreme Greed” zone on Monday.
U.S. stocks settled higher on Monday, with the S&P 500 recording its first positive September month since 2019. In the month, the Dow Jones gained 1.9%, while the Nasdaq rose 2.7%. The S&P 500 jumped 2%, recording its first positive September month since 2019.
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Carnival Corporation (NYSE:CCL) posted better-than-expected quarterly earnings. EMCORE Corporation (NASDAQ:EMKR) shares jumped around 83% on Monday after Mobix Labs submitted an all-cash offer to acquire the company for $3.80 per share.
On the economic data front, the Chicago PMI rose to 46.6 in September from 46.1 in August versus market estimates of 46.2.
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Most sectors on the S&P 500 closed on a positive note, with energy, real estate, and communication services stocks recording the biggest gains on Monday. However, consumer discretionary and materials stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 17 points to 42,330.15 on Monday. The S&P 500 rose 0.42% to 5,762.48, while the Nasdaq Composite climbed 0.38% at 18,189.17 during Monday’s session.
Investors are awaiting earnings results from Acuity Brands, Inc. (NYSE:AYI), McCormick & Company, Incorporated (NYSE:MKC), and NIKE, Inc. (NYSE:NKE) today.
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What is CNN Business Fear & Greed Index?
At a current reading of 75.5, the index moved to the “Extreme Greed” zone on Monday, versus a prior reading of 72.8.
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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This article S&P Records First Positive September Since 2019 Amid Improving Investor Sentiment: Fear Index Moves To ‘Extreme Greed’ Zone originally appeared on Benzinga.com
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