Matthew Fox
A trader works during the Fed rate announcement on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2019. Reuters/Brendan McDermid US stocks moved lower on the last trading day of 2022, ending what has been a tough year for investors.Indexes are poised to close out their worst year since 2008.Investors will look for relief in 2023 in the form of a more friendly Federal Reserve and easing inflation. Loading Something is loading.
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US stocks fell on Friday, the last trading day of 2022, capping off a terrible year for investors as high inflation, high interest rates, and growing concerns of a recession weighed on stock prices.
The major indexes are headed for their worst year since 2008, when the S&P 500 fell 38%. Through Thursday, the S&P 500 was down 19% for the year, the Dow was off 8.6%, while the Nasdaq has plunged 33%.
Investors will be looking for relief in 2023 in the form of easing inflation, a more friendly Federal Reserve, and the potential for the economy to sidestep a recession.
Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Friday:
S&P 500: 3,824.65, down 0.64%Dow Jones Industrial Average: 33,071.67, down 0.45% (149.13 points)Nasdaq Composite: 10,367.70, down 1.05%Here’s what else is happening this morning:
FTX customer assets worth more than $3.5 billion have been temporarily seized by Bahamian authorities, according to the country’s markets regulator.America’s housing market is still gloomy as ever as mortgage rates turned higher again, according to Freddie Mac. Mortgage rates are set to break a six-week declining streak, with the 30-year fixed rate mortgage rising by 15 basis points this week to 6.42% as of Thursday. Warren Buffett has overtaken Jeff Bezos on the rich list this year, and now threatens to unseat Bill Gates as the second-wealthiest American after Elon Musk.In commodities, bonds and crypto:
West Texas Intermediate crude oil fell 0.80% to $77.77 per barrel. Brent crude, oil’s international benchmark, dropped 0.48% to $83.06.Gold rose 0.10% to $1,827.90 per ounce.The yield on the 10-year Treasury rose five basis points to 3.88%.Bitcoin fell 0.78% to $16,476, while ether dropped 0.45% to $1,192. Read next
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