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The CNN Money Fear and Greed index moved to the “Fear” zone amid increasing recession concerns.
US stocks closed lower on Monday, recording losses for the fourth straight session after the Federal Reserve, last week, announced a rate hike of 50 basis points.
The European Central Bank and the Bank of England also delivered rate hikes last week.
The Dow closed lower by around 163 points to 32,757.54 on Monday. The S&P 500 fell 0.90% to 3,817.66, while the Nasdaq Composite fell 1.49% to settle at 10,546.03 in the previous session.
General Mills, Inc. GIS, FedEx Corporation FDX, FactSet Research Systems Inc. FDS and NIKE, Inc. NKE are set to report quarterly earnings today.
At a current reading of 39.0, the index moved to the “Fear” zone, compared to a previous reading of 55.0.
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.