Wall Street begins the final stretch of its worst year since the fall of Lehman with doubts
Wall Street opening with few changes, although red seems to be gaining ground little by little. The news from China is insufficient to revive investors who are facing the last blows of a year to forget: the big New York indices are headed for their worst annual performance since 2008, the year of the financial crisis and the bankruptcy of Lehman Brothers .
The DOW JONES opened higher but lost 0.22% after a few minutes to 33,131 points, while the S&P 500 stood at 3,825 points, down 0.5%. Finally, the NASDAQ 100 fell 0.87% to 10,406 points.
Due to low trading volumes, investors expect relative calm or increased volatility during this last week of the year. Investors are trying to close in the best possible way a year to forget in which the three big indices are heading for their worst annual performance since 2008 .
The Dow has lost 8.63% so far this year, about to break a three-year winning streak, with its worst annual result since 2008, when it fell 33.84%. The S&P is down 19.33% so far this year, also poised to snap a three-year winning streak and its worst annual result since 2008, when it fell 38.49%. Lastly, the Nasdaq has dropped 32.90% so far this year, compared to the 40.54% it dropped in 2008. The index also accumulated three years of rises.
In December, the S&P 500 index fell about 5.8%, while the Dow and Nasdaq fell about 4% and 8.5%, respectively. During the regular session on Friday, the Dow Jones closed 176 points higher, or 0.5%. The S&P 500 rose 0.6% and the Nasdaq Composite added 0.2%. The markets remained closed on Monday for the Christmas holiday.
“[The] question of what kind of recession [will come] remains unanswered,” Quincy Krosby, chief global strategist at LPL Financial, wrote on Friday. "And for this, the answer is dictated mainly by how much more the Fed needs to raise rates to tackle sticky inflation once and for all."
In the macroeconomic section, investors have learned shortly before the opening that the S&P CoreLogic Case-Shiller index of house prices in 20 cities fell 0.5% in October, its fourth monthly decrease although the market had expected a somewhat higher decline, of 1.1%. The year-on-year revaluation was 8.6%, compared to the 10.4% of the previous month and the expected 8.2%.
Meanwhile, shares of China-based but US-listed companies rise after the relaxation of Covid restrictions by the Chinese government. Among them, Alibaba rose 1.5%, JD.com 2.2% and Pinduoduo 2.1%.
Among the leading companies on the floor, investors will continue to closely monitor Tesla , which has already lost almost 70% in the year and 35% only in the last month . Last week, the electric vehicle maker's CEO, Elon Musk, vowed not to sell any more Tesla shares for about two years.
“I won't sell shares until I don't know probably two years from now. Definitely not next year under any circumstances and probably not the year after," said Musk, who expects the economy to hit a "severe recession" in 2023 and lower demand for luxury goods.
In the airline sector, Southwest is down more than 4% after thousands of flight cancellations over the holiday weekend, more than any other major airlines experienced amid winter storm problems. United Airlines , American Airlines , Delta Air Lines and JetBlue Airways do manage to go up on the stock market.
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Oil at three-week highs thanks to China
In commodity markets, oil prices climb to three-week highs, supported by China's latest easing of Covid-19 restrictions, raising hopes of a recovery in fuel demand. On the supply side, prices are also supported by cuts in energy production in the US due to snow storms.
China will stop requiring a quarantine for incoming travelers into the country from January 8 , the National Health Commission said on Monday, in a major step toward easing restrictions on borders that have been largely closed since 2020.
“This is something that traders and investors have been waiting for,” explains Naeem Aslam, an analyst at Avatrade. Kazuhiko Saito, chief analyst at Fujitomi Securities, also notes that oil has also been supported by concerns about supply disruptions due to winter storms in the US. “But the weather is forecast to improve in the United States this week, which means the rebound may not last long.”
Brent crude rose 0.65% to $85.05 a barrel, while US West Texas rose 0.93% to $80.09. Both benchmarks hit their highs since Dec. 5 early in the session.
Meanwhile, in fixed income, the yields of the bonds start the week on the rise , with the ten-year debt bond offering a yield of 3.7789%, an increase of three points. The yield on the two-year US debt bond was 4.3464%. On Tuesday, an auction of two-year bonds worth 42,000 million dollars is scheduled.
The euro registered a decrease of 0.22% against the dollar until establishing the cross at 1.0614 dollars for each community currency.