Dow futures end year with worst performance in 15 years
2022.12.30 07:09
Dow futures end year with worst performance in 15 years
Budrigannews.com – As soaring inflation and the ensuing hefty interest rate increases have weighed heavily on the tech sector in particular, it is anticipated that U.S. stocks will open lower on Friday, concluding a difficult year on a negative note.
The contract was down 85 points, or 0.3 percent, at 06:40 ET (11:40 GMT), down 10 points, or 0.3 percent, and down 40 points, or 0.4 percent.
Thursday saw a higher close for the three major averages, but they are all expected to lose in December, snapping a two-month winning streak.
Additionally, each of the three indices is on track to record its worst annual performance since the 2008 global financial crisis. The blue-chip set is expected to fall by over 8%, the broad-based set is expected to fall by 19%, and the tech-heavy set is expected to fall by more than 33%.
Concerns that the aggressive monetary tightening that has been undertaken in an effort to contain inflation at 40-year highs will result in a severe economic slowdown have driven investors away from growth stocks.
Just over half of the 50 states in the United States are exhibiting signs of slowing economic activity, according to new research from the St. Louis Federal Reserve Bank, according to data released on Thursday. The number of was up last week to 225,000, up from an unrevised 216,000 the week before.
The data for December, which are expected to show a slight improvement from November, are due later on Friday.
Southwest Airlines (NYSE:) belongs to the business sector. although the thousands of canceled flights will “certainly” impact its fourth-quarter results, the carrier said on Friday that it plans to return to normal operations with minimal disruptions. is likely to remain in the spotlight.
The Biden administration, on the other hand, stated on Thursday that the airline will be held “accountable” in the event that it fails to fulfill its obligations to customers regarding “controllable delays and cancellations.”
Friday saw a slight rebound in oil prices, putting them on track to end the year with modest gains after the session’s losses.
According to data released on Thursday by the, crude oil inventories in the United States increased by only 718,000 barrels last week.
After the industry body reported a drop of 1.3 million barrels the day before, this increase came as a bit of a surprise.
By 06:40 ET, the contract was up 0.2% to $83.61 and futures were up 0.1% to $78.44 a barrel.
However, in a year marked by Russia’s invasion of Ukraine, which sparked supply concerns, the U.S. contract is expected to rise by 4.5 percent in 2022, while Brent is expected to rise by 7.5 percent.
Additionally, traded 0.3% higher at 1.0697 while falling by 1% to $1,824.70/oz.
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