Wall Street’s main indexes ended weaker on Wednesday, with the Nasdaq hitting a 2022 closing low, as investors grappled with mixed economic data, rising COVID cases in China, and geopolitical tensions heading into 2023. | Reuters
“Normally a Santa Claus Rally is sparked by hopes of factors that will drive economic and market growth,” Bassuk said. “The negative and mixed economic data, greater concerns around COVID reemergence and ongoing geopolitical tensions and … all of that also translating Fed policy is all impeding Santa showing up at the end of this year.”
“With this current combination of rising cases with an opening up of China restrictions, we’re seeing that investors are concerned that the ramifications are going to spread through many different industries and sectors as it did in the earlier COVID period,” Bassuk said. Markets are now pricing in 69 percent odds of a 25-basis point rate hike at the U.S. central bank’s February meeting and see rates peaking at 4.94 percent in the first half of next year..Shares of Tesla Inc gained 3.3 percent in choppy trade, a day after hitting the lowest level in more than two years. The stock is down nearly 69 percent for the year.
The Dow Jones Industrial Average fell 365.85 points, or 1.1 percent, to 32,875.71; the S&P 500 lost 46.03 points, or 1.20 percent, at 3,783.22; and the Nasdaq Composite dropped 139.94 points, or 1.35 percent, to 10,213.29.
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