- 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.
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.