Stock futures climb fractionally as investors look to new year

Funviralpark 1 year ago 0 7

Stock futures rose slightly Wednesday morning as traders look to the end of a losing year and prepare for 2023.

Futures tracking the Dow Jones Industrial Average rose 48 points and traded broadly flat. S&P 500 and Nasdaq 100 futures were up 0.12% and 0.11% respectively.

Tuesday kicked off the trading week with a shortened holiday. The Dow he rose 37.63 points (0.11%) to close at 33,241.56. The S&P 500 is down his 0.40%.

The Nasdaq Composite fell nearly 1.4% as Tesla shares fell 11% after the Wall Street Journal reported that the electric car maker will continue to halt production at its Shanghai facility for a week. Tuesday was the seventh straight day of losses for the stock.

It’s come to the end of a tumultuous year for the electric car maker as owner Elon Musk executed a confusing acquisition of Twitter. Tesla stock is down 69% this year.

In “Closing Bells: Overtime,” Eric Jackson, founder of EMJ Capital, said, “A year ago, Musk was a hero and there was panic buying.”

With three business days left in 2022, the stock market is headed for its worst year since 2008. The Nasdaq is the worst performer of the three indexes, down 33.8% this year as investors turn away from growth stocks amid growing recession fears. The Dow and S&P 500 are set to drop 8.5% and 19.7% respectively.

Investors will look for insight into the state of the economy from the Richmond Federal Reserve’s manufacturing data and pending home sales coming Wednesday morning. Market participants are looking for signs that the economy is cooling and hope they can show the Fed that the pace of rate hikes may continue to slow.

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