The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index moved to the “Neutral” zone on Monday.
U.S. stocks settled lower on Monday, with the Nasdaq Composite falling more than 100 points during the session. The S&P 500 fell 0.6% last week, while the 30-stock Dow gained 1.1% on the week.
Traders are focused on Tuesday’s release of official October and November payroll data alongside October retail sales.
According to Fed futures, markets assign only a 24% probability to another 25-basis-point rate cut in January. Investors broadly price in two cuts next year.
Tesla Inc. (NASDAQ:TSLA) led gains among mega-cap stocks. Shares climbed around 4%, marking the 12th gain in the past 15 sessions and pushing prices near record highs last seen in December 2024. Zillow Group Inc. (NASDAQ:Z) (NASDAQ:ZG) also slid about 8% following reports that Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) is testing a new real estate advertising format.
On the economic data front, the NY Empire State Manufacturing Index fell to -3.9 in December, compared to a one-year high level of 18.7 in the previous month, and missing market estimates of 10.
Most sectors on the S&P 500 closed on a positive note, with energy, health care, utilities and consumer discretionary stocks recording the biggest gains on Monday. However, energy and information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed lower by around 41 points to 48,416.56 on Monday. The S&P 500 fell 0.16% to 6,816.51, while the Nasdaq Composite fell 0.59% to 23,057.41 during Monday's session.
Investors are awaiting earnings results from Duluth Holdings Inc (NASDAQ:DLTH), Worthington Enterprises Inc (NYSE:WOR) and Lennar Corp (NYSE:LEN) today.
What Is CNN Business Fear & Greed Index?
At a current reading of 50.3, the index moved to the “Neutral” zone on Monday, versus a prior reading of 42.2.
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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