aluminum
US stocks on Friday failed to recover from the previous session’s rally, with all three major indexes starting the last trading day of the year with losses.
Nasdaq Composite (COMP.IND) to be down 0.82% up 10,391.76 points in the morning session, as large-cap technology stocks fell. The benchmark S&P 500 (SP500) down 0.76% up 3,820.17 points, while the blue-chip Dow (DJI) slip 0.71% to 32,985.69 points.
All 11 S&P sectors are trading in the red, with the exception of Energy. Healthcare and Materials are the top losers.
Markets are on track to end 2022 with their worst annual performance since the 2008 financial crisis. The S&P 500 is expected to end with a drop of nearly 20%, while the Nasdaq has fallen. more than 30% by 2022. The Dow is down more than 9%.
Trading volumes are expected to be low ahead of the New Year’s three-day weekend.
The news stream was also light on Friday. Regarding economic data, Chicago’s December PMI ended the year better than expected, coming in at 44.9 versus the consensus figure of 41.0.
Switch to the bond market, higher interest rates. The yield on the 10-year Treasury note (US10Y) rose 5 basis points to 3.89%. 2 year yield (US2Y) increased by 6 basis points to 4.43%.
Among the active stocks, Southwest Airlines (LOVE) was slightly higher after the airline said it expected back to normal activities after thousands of flights were cancelled.
Mesa Aviation Corporation (MESA) is higher though mixed income statement.
There have been some out-of-the-box moves in the biotech space, with shares of Silo Pharma (SILO) more than 50% increase on the results of animal studies for the treatment of arthritis. Biological Palisade (Pali) extended gains from the previous session in the middle of the news of a registered direct offering and a concurrent private placement.
