The CNN Money Fear and Greed index showed some improvement in overall market sentiment.
US stocks closed lower on Friday amid rising concerns over recession as the Federal Reserve continues increasing interest rates. The Fed raised rates by 50 bps at its recent meeting.
Wall Street recorded losses for the second straight week, with the S&P 500 dropping over 2% last week.
The Dow closed lower by around 282 points to 32,920.46 on Friday. The S&P 500 fell 1.11% to 3,852.36, while the Nasdaq Composite fell 0.97% to settle at 10,705.41 in the previous session.
Steelcase Inc. (NYSE:SCS) and HEICO Corporation (NYSE:HEI) are set to report quarterly earnings today.
At a current reading of 55.0, the index remained in the “Neutral” zone, compared to a previous reading of 45.0.
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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