Friday marks the last trading day of the year —a terrible, no-good year.
According to a report from CNBC, the stock market is gearing up for its worst year since 2008, with all three major averages (Dow Jones, S&P, NASDAQ) down; in some cases, more than 30%.
From CNBC:
All three of the major averages are marching toward their worst year since 2008, slated to snap a three-year win streak. The Dow fared the best of the indexes in 2022, down 8.58%, while the S&P and tech-heavy Nasdaq tumbled 19.24% and 33.03%, respectively.
As the calendar year turns the corner, some investors think the pain is far from over, and expect the bear market to persist until a recession hits or the Fed pivots. Some also project stocks will hit new lows.
“We’re sort of stuck in neutral right now, because there are more unanswered questions than there are known entities. … We’ve got a lot riding on this coming earnings season, when we think about the pressures that are going to exist on margins,” Rebecca Felton, senior market strategist at Riverfront Investment Group, said on “Squawk Box.”
“There are a lot of questions as we head into the new year, but we certainly will be happy to see 2022 go over,” Felton added.
More over at The Wall Street Journal:
The three major indexes are set for their biggest yearly losses since 2008 https://t.co/S3kcb3u2U8
— The Wall Street Journal (@WSJ) December 30, 2022
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