Posted on 12/16/2022 9:55:33 AM PST by lasereye
Stocks sank early Friday, pacing toward a second-straight weekly loss, as more downbeat news on the U.S. economy accelerated a move lower.
Near 10:10 a.m. ET, the S&P 500 and Dow were off 1.2%, while the Nasdaq fell 0.8%.
Earlier in the session, the Nasdaq had moved into positive territory.
The latest leg lower for stocks followed preliminary readings on economic activity in the U.S. this month from S&P Global, which showed a further deterioration in activity to start December.
"Business conditions are worsening as 2022 draws to a close, with a steep fall in the PMI indicative of GDP contracting in the fourth quarter at an annualized rate of around 1.5%," said Chris Williamson, chief business economist at S&P Global Market Intelligence. "Jobs growth has meanwhile slowed to a crawl as firms across both manufacturing and services take a much more cautious approach to hiring amid the slump in customer demand."
On Thursday, the November retail sales report was unexpectedly weak, prompting concern over the health of the U.S. consumer, which has been the driver of a better-than-expected economy this year.
After rebounding earlier this week, U.S. stocks are again on pace to log weekly losses again after last week saw the S&P 500 suffer its worst weekly loss since late September.
Investors also had an eye on crude oil early Friday, with WTI futures down over 3% to trade near $73.70 a barrel. Early this week, oil hit a new 2022 low.
Friday's trading comes after Thursday's deep sell-off that saw the Nasdaq fall more than 3%, as the Federal Reserve's interest-rate increase on Wednesday was followed by matching moves Thursday morning from the Bank of England and the European Central Bank.
(Excerpt) Read more at finance.yahoo.com ...
Congratulations! If you invested into a simple S&P 500 index fund the day Brandon entered the WH, you have whopping 0.4% return on your investments over the past 23 months!
Wait until next year…
you have whopping 0.4% return on your investments over the past 23 months!
We are living in demented times.
Might be worse than that if you've been purchasing additional fund shares since January 2021. Most of those purchases would be below their costs.
“Wait until next year”
Some predictions are for at least 20% drop in US stocks through next year with maybe a recovery by spring of 2024.
The markets are looking to have little faith that the slim Republican majority in the house can mitigate the fall.
... but take a majority of the blame for any such failures in the economy.
True that. The S&P 500 is down now about 20% from its ATH on Jan 3 of this year. I'm still out of equities waiting on more downturn, but it's starting to be down enough to get my attention.
I’m expecting a global recession. Too many things lining up at the same time.
Destroying the economy is part of the plan of ChiComJoe and his fellow Traitorcrats.
On the bright side, the bank is finally giving me some interest on my money market account.
So am I the only one who had to read the headline 4 times before it stopped saying “Socks Stink”?
After the gov manufactured and ridiculous 3rd quarter GDP number I guess that was the "dead cat bounce".
I bought Suncor the other day - I guess it has more room to fall.
Gold up... but silver flat to down...as industrial use of silver declines.
I bought DEVON today. As long as the dividend holds, I’ll hold.
Nice PE ratio.
I bought DEVON today. As long as the dividend holds, I’ll hold.
**********
BipolarBob,
I always like posts where Freepers tell their buying & selling positions.
If you bought Devon Energy at 59.88 at what point would you sell regardless of a high dividend.
80, 90, 100, ? Or just buy & hold no matter what happens.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.