The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, but the index remained in the "Fear" zone on Monday.
U.S. stocks settled higher on Monday, with the S&P 500 and Nasdaq recording gains for the eighth straight day. The S&P 500 gained around 3.9%, while the Nasdaq and Dow Jones gained 5.2% and 2.9%, respectively, last week.
On the economic data front, the CB Leading Index fell 0.6% month-over-month in July, compared to market expectations for a 0.4% decline.
Estee Lauder Companies Inc (NYSE:EL) shares fell over 2% on Monday after the company reported its fourth-quarter results. Shares of ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) rose 16.7% after the company reported better-than-expected second-quarter financial results and raised its FY24 guidance.
All 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.
The Dow Jones closed higher by around 237 points to 40,896.53 on Monday. The S&P 500 rose 0.97% to 5,608.25, while the Nasdaq Composite gained 1.39% at 17,876.77 during Monday's session.
Investors are awaiting earnings results from Lowe's Companies, Inc. (NYSE:LOW), Medtronic plc (NYSE:MDT), and Alcon Inc. (NYSE:ALC) today.
What is CNN Business Fear & Greed Index?
At a current reading of 41.3, the index remained in the "Fear" zone on Monday, versus a prior reading of 35.4.
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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