Nasdaq Rises 1.11% to 26,430.89 as Tech Stocks Gain
The Nasdaq Composite advanced 1.11% to 26,430.89 on Monday, while the S&P 500 gained 0.41% to 7,690.73. The Dow fell about 36 points to 51,966.03.
The CNN Money Fear and Greed Index pointed to a modest improvement in overall market sentiment on Monday, but remained in the “Extreme Fear” zone. U.S. stocks closed mostly higher, with the Nasdaq Composite advancing more than 1% during the session. For the week, the S&P 500 fell about 2% and the Nasdaq slid more than 4%, while the Dow rose 0.7%.
Federal Reserve Chair Kevin Warsh declined to preview next week’s FOMC decision. He said recent hot inflation readings had not changed his assessment of the economy, as markets priced in roughly an 80% chance of an October hold. Silence Therapeutics PLC (NASDAQ: SLN) shares surged around 126% after the company agreed to be acquired by Merck KGaA, Darmstadt, Germany. Cleveland-Cliffs Inc.
(NYSE: CLF) gained 16% on Monday after reporting better-than-expected third-quarter adjusted EPS. The NAHB/Wells Fargo Housing Market Index fell for a second consecutive month, reaching 29 in October. That was its lowest reading since June 2012, down from 32 in the previous month and below market estimates of 32. Most sectors on the S&P 500 U.S.
markets finished lower on Monday, led by losses in real estate, utilities and financial stocks. Consumer discretionary and information technology shares moved against the broader trend and ended higher. The Dow Jones Industrial Average fell about 36 points to 51966.03. The S&P 500 rose 0.41% to 7690.73, and the Nasdaq Composite advanced 1.11% to 26430.89 during Monday’s session.
Investors are awaiting earnings results today from General Motors Co (NYSE: GM), General Electric Company (NYSE: GE) and Netflix Inc (NASDAQ: NFLX). The index stood at 23 on Monday, remaining in the “Extreme Fear” zone, compared with a previous reading of 22. The CNN Business Fear & Greed Index measures current market sentiment, based on the premise that greater fear pressures stock prices while greater greed has the opposite effect. It is calculated using seven equally weighted indicators and ranges from 0 to 100, with 0 representing maximum fear and 100 maximum greed.