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[platinum Insights] 12.30.22 the last day for 2022 update.
[platinum Insights] 12.30.22 the last day for 2022 update.
August 21, 2023
Good morning!
Welcome to the final trading day of the week, month, quarter and year. Stock futures price action for the three major indices were down roughly 0.5% on Friday, the last trading day of 2022, with investors reassessing the outlook for growth and monetary policy after a dismal year that could mark Wall Street’s worst annual performance since 2008.
Governments and central banks grappled with stubbornly high inflation arising from years of ultra-ease monetary policy and the fallout from Russia’s war in Ukraine. At the same time, it is now widely expected that the developed world is heading for a severe recession in 2023 amid an aggressive tightening from major central banks to rein in such price growth, ultimately leading to job losses and downward earnings revisions.
For December, the Dow is currently down around 4.4%, the S&P 500 lost 6.4%, and the Nasdaq 100 dropped 10.2%. Regarding 2022, the Dow is down 8.9%, while the S&P 500 and Nasdaq 100 plunged 19.7% and 33.5%, respectively.
So far, the Santa Claus Rally has failed to cooperate, but after this year what were we expecting? Trading volume should be light again today as traders and investors get an early start on their long holiday weekend. The U.S stock markets will be closed on Monday in observance of the New Year’s Day holiday. Have a great day!
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