The CNN Money Fear and Greed index showed some easing in overall market sentiment after US stocks recorded losses on Monday.
The Dow Jones, however, notched its best month since 1976, with all the major indices ending a two-month losing streak.
The US Federal Reserve is set to begin its two-day policy meeting today, with the country’s central bank widely expected to raise interest rates by 75 basis points on Wednesday. Investors also await the release of October jobs data on Friday.
Pfizer Inc. PFE, Eli Lilly and Company LLY and Advanced Micro Devices, Inc. AMD are set to report quarterly earnings today.
The Dow fell 0.39% to close at 32,732.95 on Monday. The S&P 500 declined 0.75% to 3,871.98, while the Nasdaq Composite dipped 1.03% to settle at 10,988.15 in the previous session amid a decline in information technology and communication services stocks.
At a current reading of 58.0, the index remained in the “Greed” zone, following a previous reading of 60.0.
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.