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Stocks were falling on the final trading day of 2022, a fitting end to the most challenging year for investors in over a decade.
Near 11:20 a.m. ET on Friday, the S&P 500 was off 0.9%, the Dow off 0.8%, while the tech-heavy Nasdaq fell closer to 1.1%.
Friday’s trading session will mark the last of a year investors won’t soon forget.
The S&P 500 is on pace for its worst year since the 2008 financial crisis, while the bond market suffered through its worst year in modern history.
On Thursday, markets rallied sharply with the Nasdaq gaining 2.6% while the Dow and S&P 500 rose more than 1%. These gains, of course, did little to ease the pain felt by investors this year, with the tech-heavy Nasdaq set to finish 2022 down more than 30%.
In a note to clients on Thursday, analysts at Bespoke Investment Group noted Thursday’s gains were driven by the worst-performing stocks of the year, a dynamic the firm called a “dash for trash” from investors.
Investors will keep an eye on shares of Tesla (TSLA) on Friday after the stock gained 8% on Thursday, a sharp rebound that followed two days of selling which sent Tesla shares to their lowest level since August 2020.
Shares were off about 0.6% early Friday. Tesla shares have lost over 65% this year and more than 35% this month.
Early Friday, the price of crude oil was little-changed, as oil paced towards annual gains for the second-straight year. Though after the price of crude oil surged of more than 50% in 2021 and then doubled early this year, oil is set to finish the year up a more modest 7%.
In currency markets, the dollar was slightly weaker early Friday but remained set for its biggest annual gain since 2015 as interest rate increases from the Federal Reserve boosted demand for the dollar.
The Fed’s action also boosted yields across the Treasury curve and the broader bond market, with the yield on the benchmark 10-year Treasury note set to finish the year around 3.85% after kicking off 2022 near 1.5%.
The economic and corporate earnings calendars are set to bring investors no new updates on Friday.
Crypto markets also endured a challenging 2022, as bitcoin (BTC-USD) is set to finish the year down 65%. Early Friday, the price of bitcoin was off about 0.9% to trade below $16,500.
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