Investor Optimism Improves Further After Nasdaq Surges 1%

Author: Lisa Levin | September 12, 2023 03:04am

The CNN Money Fear and Greed index showed further improvement in overall sentiment among U.S. investors on Monday.

U.S. stocks closed higher on Monday, with the Nasdaq adding more than 1% during the session ahead of the much-awaited inflation data due this week.

Tesla, Inc. (NASDAQ:TSLA) shares surged over 10% on Monday after Morgan Stanley upgraded the stock from Equal-Weight to Overweight and raised the price target from $250 to $400.

QUALCOMM Incorporated (NASDAQ:QCOM) shares rose around 4% after the company announced a chip supply agreement with Apple Inc. (NASDAQ:AAPL).

Majority of sectors on the S&P 500 closed on a positive note, with consumer discretionary and communication services stocks recording the biggest gains on Monday. However, energy stocks bucked the overall market trend, closing lower during the session.

The Dow Jones closed higher by around 87 points to 34,663.72 on Monday. The S&P 500 rose 0.67% at 4,487.46, while the Nasdaq Composite added 1.14% at 13,917.89 during the session.

Investors are awaiting earnings results from Cognyte Software Ltd. (NASDAQ:CGNT), Evolution Petroleum Corporation (NYSE:EPM) and InnovAge Holding Corp. (NASDAQ:INNV) today.

At a current reading of 52.1, the index remained in the "Neutral" zone on Monday, compared to a previous reading of 51.4.

What is CNN Business Fear & Greed Index?

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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Posted In: AAPL CGNT EPM INNV QCOM TSLA