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 Dow Jones index gaining more than 300 points during the session after Iran signaled it wants to de-escalate tensions with Israel and return to negotiations, easing geopolitical jitters that had rattled investors and sent oil prices surging last week.
Sage Therapeutics Inc. (NASDAQ:SAGE) shares surged over 35% on Monday after Supernus Pharmaceuticals agreed to acquire the company. Shares of Sarepta Therapeutics, Inc. (NASDAQ:SRPT) dipped more than 42% after the company suspended ELEVIDYS shipments and paused the ENVISION trial following a second fatal liver failure in non-ambulatory Duchenne patients.
On the economic front, the New York Empire State Manufacturing Index dipped to a reading of -16 in June compared to May’s reading of -9.2, and also down from market estimates of -5.5.
Most sectors on the S&P 500 closed on a positive note, with communication services, information technology and consumer discretionary stocks recording the biggest gains on Monday. However, utilities and health care stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 317 points to 42,515.09 on Monday. The S&P 500 gained 0.94% to 6,033.11, while the Nasdaq Composite climbed 1.52% to 19,701.21 during Monday’s session.
Investors are awaiting earnings results from Jabil Inc. (NYSE:JBL), John Wiley & Sons Inc. (NYSE:WLY) and La-Z-Boy Incorporated (NYSE:LZB) today.
What is CNN Business Fear & Greed Index?
At a current reading of 62, the index remained in the “Greed” zone on Monday, versus a prior reading of 60.3.
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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