- December 29, 2022
- By: Admin1_blog
- US Market
S&P 500 futures rose slightly on Wednesday night, as investors head into the final trading days of 2022.
Dow Jones Industrial Average futures declined fractionally, losing 8 points. S&P 500 and Nasdaq 100 futures climbed 0.12% and 0.28%, respectively.
The action follows a broad sell-off during the regular session Wednesday as recession fears weighed on investor sentiment in a losing week, month and year. The Dow Jones Industrial Average lost 365.85 points, or 1.1%. The S&P 500 fell 1.2%, while the Nasdaq Composite dropped 1.35%.
The major averages are headed toward their worst year since 2008. The Dow has lost 9.5%, while the S&P 500 shed 20.6%. Meanwhile, the Nasdaq is the worst performer, down 34.7% as investors dumped growth stocks.
“Investors are anticipating an economic recession to materialize early in 2023, as evidenced by the three quarters of projected S&P 500 earnings declines and continued defensive sector leanings,” Sam Stovall, chief investment strategist at CFRA Research, wrote in a Wednesday note. “The severity of the recession remains in question. We expect it to be mild.”
On Thursday, traders are expecting the latest data on weekly jobless claims before the bell. Economists surveyed by Dow Jones are forecasting initial jobless claims to total 223,000 for the week ended Dec. 24, a rise from 216,000 during the previous period.