The U.S. stock market displayed continued bullish momentum on Monday, extending its winning streak. The S&P 500 and Nasdaq saw their eighth consecutive day of gains, while the Dow Jones also closed higher. The S&P 500 surged approximately 3.9% for the week, the Nasdaq jumped 5.2%, and the Dow Jones added 2.9%.
Despite the positive market performance, the CNN Money Fear & Greed Index, a gauge of investor sentiment, remained in the ‘Fear’ zone on Monday. However, the index did show improvement from the previous reading. The Fear & Greed Index, calculated based on seven indicators, measures market sentiment by assigning a score from 0 to 100. A score of 0 represents extreme fear, while 100 signifies extreme greed.
On the economic data front, the Conference Board’s Leading Economic Index (LEI) dropped 0.6% month-over-month in July, slightly exceeding the anticipated 0.4% decline. This indicator is designed to predict future economic activity.
Company earnings reports also influenced market movements. Estee Lauder Companies Inc. (EL) saw its shares dip over 2% following the release of its fourth-quarter financial results. On the other hand, shares of ZIM Integrated Shipping Services Ltd. (ZIM) soared 16.7% after the company reported better-than-expected second-quarter results and raised its FY24 guidance.
All sectors within the S&P 500 closed in the green, with communication services, information technology, and consumer discretionary stocks leading the gains. The Dow Jones ended the day up approximately 237 points at 40,896.53. The S&P 500 climbed 0.97% to 5,608.25, and the Nasdaq Composite advanced 1.39% to 17,876.77.
Investors are eagerly awaiting earnings results from Lowe’s Companies, Inc. (LOW), Medtronic plc (MDT), and Alcon Inc. (ALC) this week.
