US Stocks Face Further Declines in Last Trading Day of Difficult Year
- Shams ul Zoha
- December 30, 2022
- 4:23 pm
WHAT YOU SHOULD KNOW
- The S&P 500 Index is set to end the year with a decrease of more than 19%.
- The Nasdaq Composite recovered from the bear market bottom it had reached the day before.
It appears that stocks may turn around on Friday, based on trading in the U.S. index futures. This follows a strong increase in the previous session. Several factors, such as a regional manufacturing report, bond yields, and the direction of the oil price, could influence trading in the last trading day of the year.
On Thursday, U.S. stocks enjoyed a strong day of trading, with the major indices opening higher and steadily increasing until early afternoon. After that, the indices moved sideways before closing the session significantly higher. Notably, the Nasdaq Composite recovered from the bear market bottom it had reached the day before.
On Thursday, stocks across a variety of sectors saw gains, with tech and consumer discretionary stocks leading the way.
The weekly jobless claims report showed an increase from the previous week, while the 10-year U.S. Treasury note yield experienced a slight decrease. This could be a contributing factor to the strength of the market.
Louis Navellier, a fund manager, commented that despite the low unemployment claims, a key interest rate hike on February 1st is still likely due to the increasing Treasury bond yields this week.
As depicted by the S&P 500 Index, the U.S. stock market is set to end the year with a decrease of more than 19%. The outlook remains uncertain.
Friday morning, the SPDR S&P 500 ETF Trust (SPY) was trading at $382.29, down 0.30%, while the Invesco QQQ Trust (QQQ) was trading at $265.85, a decline of 0.22%. Later in the day, the Institute for Supply Management (ISM) will release its Chicago Business Barometer index for December. Analysts are expecting an increase from the 37.2 recorded in November to 40.0.
Investing Salary provides free access to quality, truthful news for everyone, believing that information should be equally accessible. We hope that this will enable more people to stay informed about current events, understand their effects, and be motivated to take action.
If you feel that we have helped you get the right market knowledge please consider supporting us through Patreon. Even a single dollar counts.
Related news
Popular
