Fear & Greed Index Drops to 24.8, Signaling Extreme Fear

The Fear & Greed Index has declined to 24.8, marking its lowest level since early April and falling below the 30-point threshold that signals 'Extreme Fear' among investors. The reading comes despite the S&P 500 being only 3.7% below its all-time high.

For context, the index bottomed at 5.8 points on March 30 and at 5.2 points in November 2024 during previous downturns. The 5-day average put-to-call ratio has risen to 0.84, the highest since the second week of April and above levels observed between July 2025 and January 2026.

The data suggests growing bearish sentiment beneath the surface of a market that remains relatively close to its peak.