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The CNN Money Fear and Greed index showed a decline in overall sentiment among US investors.
US stocks closed sharply lower following comments from Federal Reserve Chair Jerome Powell.
Powell reiterated the committee’s goal of getting inflation back down to 2%. Powell also acknowledged the committee is aware that continued high inflation is causing significant hardships.
The Dow closed lower by around 575 points to 32,856.46 on Tuesday. The S&P 500 fell 1.53% to 3,986.37, while the Nasdaq Composite fell 1.25% to settle at 11,530.33 during the session.
Investors are awaiting earnings results from United Natural Foods, Inc. UNFI, Campbell Soup Company CPB and ABM Industries Incorporated ABM today.
At a current reading of 48.0, the index remained in the “Neutral” zone, compared to a previous reading of 54.0.
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.