The growth of social data is rapidly increasing nowadays. During the global COVID-19 outbreak, many individuals and organizations have posited their viewpoints on social media regarding the current epidemic. Twitter is widely used among the general population and is one of the leading social media platforms in obtaining news and information on a topic. Currently, tweets posted by influential twitter accounts like news accounts are arguably a reliable proxy of the public sentiments’ on COVID-19. Therefore, this research intends to make good use of this information to generate insights in general, whether news twitter accounts are practicing fear-mongering and whether it affects the financial market. In this research, we attempt to analyze the sentiments of most-followed news accounts on twitter during the COVID-19 outbreak and find out their impacts on the Chicago Board Option Exchange’s Volatility Index (CBOE VIX), or also known as the “fear gauge,” one of the indicators of S&P 500 movement. Further correlation and statistical tests have found no correlation between average polarity and CBOE VIX.