Stocks gave up an early gain and ended lower Tuesday, a lackluster first trading day of 2023 for Wall Street just days after it closed the books on its worst year since 2008.
The S&P 500 shed a 1 percent gain and finished 0.4 percent lower. The Dow Jones Industrial Average slipped less than 0.1 percent and the Nasdaq composite dropped 0.8 percent. Small-company stocks also lost ground, pulling the Russell 2000 index 0.6 percent lower.
Investors are opening a new year with the same concerns that weighed on markets in 2022, leading the benchmark S&P 500 to plunge nearly 20 percent for the year, just its third annual decline since the financial crisis 14 years ago. The Fed will release minutes from its December policy meeting on Wednesday, potentially giving investors more insight into its decision-making process and thoughts heading into 2023. The central bank’s next policy decision on interest rates is set for February 1.
The government will release a report Wednesday on job openings for November, followed by a weekly report on unemployment on Thursday. The broader and closely-watched monthly report on employment, for December, will be released on Friday. Energy stocks also weighed on the market Tuesday as US oil prices settled 4.1 percent lower. Hess fell 5.1 percent.
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