The CNN Money Fear and Greed index moved to the "extreme fear" zone after US stocks settled lower on Friday to record losses for the week.

The Dow recorded a fresh low for the year, settling below the major 30,000 level for the first time since June 17.

The major indices notched their fifth negative week in six, as the 30-stock index fell 4% and the S&P dropped around 4.7% last week.

The Federal Reserve, on Wednesday, announced another big rate hike of 75 basis points and signalled further rate hikes also.

Big technology stocks including Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) recorded losses on Thursday.

The Dow dropped 1.62% to close at 29,590.41 on Friday. The S&P 500 fell 1.72% to 3,693.23, while the Nasdaq Composite declined 1.80% to settle at 10,867.93 in the previous session.

Investors are now awaiting earnings results from CorpHousing Group Inc. (NASDAQ:CHG), scheduled for release today.

At a current reading of 19.0, the index moved to the "extreme fear" zone, following a previous reading of 29.0.

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.