The Declines caused the communication services, technology and retail index were the ones that fell the most S&P 500, more than 1.2% each.
All three major Wall Street indexes were headed for their first annual decline after three straight years of gains.since the rise of the borrowing costs to curb rising prices marked the end of the era of cheap money.
Investors avoided the riskier bets and they took refuge in safer assets, such as the dollarwhat he did The benchmark S&P 500 index has fallen 20% and the tech-heavy Nasdaq nearly 34% this year.
Both referents were on their way to close with its biggest annual falls since the 2008 financial crisis.
The S&P 500 growth rate is down about 30% this yearwhile the value index has fallen a 7.9%with the investors preferring high-yield sectors by dividend and with constant earnings, like the energetic
Attention has now shifted to the corporate earnings outlook for 2023as investors are increasingly concerned about the likelihood of a sharp economic slowdown due to rate hikes.
“The economy is going to crash because we’ve raised rates too much. So, by the time we’re a few weeks into (in 2023), we’re going to start getting some warnings about the benefits,” he said. Dennis Dickanalyst of market structures and operator of Triple D Trading.
“The second half of 2023 will be better because I think the Federal Reserve will stop raising interest rates. And I also think they will talk about lowering them,” he added.
Source: Ambito
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