The CNN Money Fear and Greed Index showed a rise in fear levels among US investors after a decline on Wall Street.

The Dow Jones jumped over 500 points on Wednesday after strong earnings reports Nike, Inc. NKE and FedEx Corporation FDXalong with an upbeat consumer sentiment report.

However, the sell-off returned on Thursday as markets remained concerned that major central banks around the world would continue to tighten monetary policy, raising the prospects of a recession.

Tesla, Inc. TSLA Shares fell about 8.9% on Thursday after the company raised the discount on all Model 3 and Model Y vehicles delivered in the U.S. in December to $7,500 from $3,750, adding to recent demand concerns.

The Dow closed about 349 points lower on Thursday at 33,027.49. The S&P 500 fell 1.45% to 3,822.39, while the Nasdaq Composite fell 2.18% to settle at 10,476.12 in the previous session.

Eve Holding, Inc. EVEX will announce quarterly results today.

With a current reading of 35.0, the index remained in “fear” territory compared to a previous reading of 38.0.

What is the CNN Business Fear & Greed Index?

The Fear & Greed Index is a measure of current market sentiment. It is based on the premise that higher fear puts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equally weighted indicators. The index ranges from 0 to 100, with 0 representing maximum fear and 100 representing maximum greed.

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