The CNN Money Fear and Greed index showed further easing in sentiment among US investors after the Dow Jones dropped around 500 points on Monday.
China continued to impose stricter COVID-19 restrictions amid surge in new cases. The restrictions impacted the life of the common man, prompting people to resort to protests.
Apple Inc. AAPL shares dropped 2.6% on Monday due to concerns of an iPhone production shortfall amid Foxconn protests.
The Dow dropped 1.45% to close at 33,849.46 on Monday. The S&P 500 fell 1.54% to 3,963.94, while the Nasdaq Composite fell 1.58% to settle at 11,049.50 in the previous session.
Hewlett Packard Enterprise Company HPE, Intuit Inc. INTU and NetApp, Inc. NTAP are set to report quarterly earnings today.
At a current reading of 59.0, the index remained in the “Greed” zone, compared to a previous reading of 64.0.
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.