It is a fuel screw. Turning it in (clockwise) reduces fuel and makes the idle mixture leaner.
Turning it out (counter-clockwise) increases fuel and makes the idle mixture richer.
Be gentle with it. You don't want to damage the tip. Count the turns as you gently turn the screw all the way in so that it seats. When tuned, It should be more than ONE and less than THREE complete turns outs from when it was seated. If the FUEL SCREW is less than one turn out when tuned, try a smaller pilot jet. If the FUEL SCREW is more than three turns out when tuned, try a larger pilot jet.
This is a good video about tuning with the idle mixture screw.
https://www.youtube.com/watch?v=YxpQjDQzX7g