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The CNN Money Fear and Greed index shower further increase in the fear level after the S&P 500 index dropped deeper into a bear market after hitting a fresh 2022 low.
The S&P 500 is now down 24.3% from its record level in January, while the Dow is now 21.2% below its record high.
The Dow dropped 0.43% to close at 29,134.99 on Tuesday, after climbing around 400 points earlier in the session. The S&P 500 fell 0.21% to 3,647.29, while the Nasdaq Composite rose 0.25% to settle at 10,829.50 in the previous session.
Investors are now awaiting earnings results from Cintas Corporation CTAS, Paychex, Inc. PAYX and Thor Industries, Inc. THO, scheduled for release today.
At a current reading of 16.0, the index remained in the “extreme fear” zone, following a previous reading of 17.0.
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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Image and article originally from www.benzinga.com. Read the original article here.