Last Updated 4:20PM EST
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Stock indices finished the last trading day of 2022 in the red. Nevertheless, investors took a leap of faith as stocks staged a late-day comeback to cut their earlier losses and finish near session highs. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 fell 0.22%, 0.25%, and 0.1%, respectively. For 2022, each respective index lost -8.51%, -17.91%, and -29.84%, marking the worst performance since 2008.
The energy sector (XLE) was by far the best-performing sector this year, with a gain of 57.68%. In contrast, the communications sector (XLC) was the worst performer, with a decline of 38.25%. Other sectors performed as follows:
- Utilities (XLU): -1.49%
- Consumer Staples (XLP): -3.29%
- Healthcare (XLV): -3.56%
- Industrial (XLI): -7.24%
- Financials (XLF): -12.42%
- Materials (XLB): -14.26%
- Real Estate (XLRE): -28.68%
- Technology (XLK): -28.42%
- Consumer Discretionary (XLY): -36.82%
Meanwhile, bond yields are higher on the day, as the U.S. 10-Year Treasury yield is now hovering around 3.88%. This represents an increase of more than six basis points from the previous close and a 2.116% increase for the year.
Similar movements were seen with the Two-Year yield, which is now at 4.43% after a significant 3.564% jump from the beginning of 2022. As a result, the spread between the 10-Year and Two-Year U.S. Treasury yields is still negative, as it currently sits at -55 basis points.
Last Updated at 2:10PM EST
Stocks are in the red heading into the final hours of today’s trading session. As of 2:10 p.m. EST, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 are down 1%, 1.2%, and 1.3%, respectively.
In addition, WTI crude oil is higher today, as it hovers around the mid-$79 per barrel range. As a result, the commodity’s recent strength has caused prices at the pump to increase when compared to last week.
Indeed, the national average for regular gas was last $3.179 per gallon, up from last week’s reading of $3.096. However, this is still significantly lower than the all-time high of $5.016 per gallon on June 14.
The highest prices can be found in Hawaii, where prices are substantially higher than the national average, at $5.022 per gallon. On the other hand, Georgia is the state with the lowest gas prices, at $2.74 per gallon.
It’ll be interesting to see if this upward trend will continue going forward as the Federal Reserve looks to raise interest rates to fight inflation while oil producers lower production in order to maintain the price.
Last Updated 11:20AM EST
Equity markets are in the red as the downward momentum continues. As of 11:20 a.m. EST, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 are down 0.8%, 0.9%, and 1.2%, respectively.
On Friday, the United States Chicago Purchasing Managers Index was released by ISM-Chicago, which measures the economic health of the manufacturing sector in Chicago. An expansion is defined by a number that is greater than 50, whereas a reading that is lower is considered a contraction.
It appears that the sector is contracting, as the number came in at 44.9. This was better than the expected 40 from forecasters and a solid increase from last month’s report of 37.2. However, it’s worth noting that the Chicago PMI has contracted for four consecutive months, and there isn’t much reason to believe that it won’t continue to do so.
Last Updated 9:33AM EST
Investors are opening the last trading session of the worst year for the U.S. stock market since 2008 on a gloomy note.
The Dow Jones Industrial Average (DJIA) is down 0.55%, while the S&P 500 (SPX) has shed 0.75%, as of 9.33 a.m. EST, Friday. Meanwhile, the Nasdaq 100 (NDX) has also retreated 0.94%.
The moves in the futures market came after the market closed Thursday’s trading session with a rally. The S&P 500, the Dow, and the Nasdaq 100 clocked gains of 1.75%, 1.05%, and 2.54%, respectively. All 11 sectors ended in the green.
Despite the Dow and the S&P 500 being modestly higher this week, all three major indexes are on track to end the month in the red. Moreover, thus far in 2022, the Dow has dipped 8.58%, the S&P 500 has fallen 19.24%, and the Nasdaq Composite is down 33.03%.
The troubled year of the bear market, inflated prices, and high interest rates, have battered stocks, especially growth stocks like those in the technology sector. Going into 2023, sentiments are still bearish with the macroeconomic environment largely unchanged. The possibility of a policy-induced recession has become inevitable.
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