The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index moved to the “Greed” zone on Monday.
U.S. stocks settled mostly lower on Monday, with the Dow Jones index falling more than 300 points during the session.
All three major indices recorded gains for the sixth straight week, with the Dow and S&P 500 gaining 0.96% and 0.85%, respectively, last week.
As far as the earnings season is concerned, around 14% of S&P 500 companies have released quarterly results so far, with more than 7 in 10 of those exceeding market estimates.
Spirit Airlines, Inc. (NYSE:SAVE) announced that on October 11, it modified its card processing agreement to extend the deadline for its 2025 notes from October 21 to December 23 and the early maturity date from December 31 to March 3.
Most sectors on the S&P 500 closed on a negative note, with real estate, health care, and financials stocks recording the biggest losses on Monday. However, tech stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 344 points to 42,931.60 on Monday. The S&P 500 fell 0.18% to 5,853.98, while the Nasdaq Composite rose 0.27% to close at 18,540.01 during Monday's session.
Investors are awaiting earnings results from General Motors Company (NYSE:GM), Verizon Communications Inc. (NYSE:VZ) and Lockheed Martin Corporation (NYSE:LMT) today.
What is CNN Business Fear & Greed Index?
At a current reading of 73, the index moved to the “Greed” zone on Monday, versus a prior reading of 75.
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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