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U.S. stocks on Friday were unable to build upon the previous session’s rally, with all three major indices on track to end the last trading day of the year with losses.
By late afternoon, the Nasdaq Composite (COMP.IND) was down 1.11% to 10,361.21 points, as megacap technology stocks retreated. The benchmark S&P 500 (SP500) declined 1.05% to 3,808.76 points, while the blue-chip Dow (DJI) slipped 0.92% to 32,915.67 points.
All 11 S&P sectors were trading in the red, with the exception of Energy. Real Estate and Utilities were the top losers.
Markets are on track to close out 2022 with their worst yearly performance since the financial crisis in 2008. The S&P 500 is set to end the year with a nearly 20% drop, while the Nasdaq has shed over 30% in 2022. The Dow is off more than 9%.
Trading volume is expected to be light ahead of the three-day New Year weekend.
The news flow is also light on Friday. In terms of economic data, December Chicago PMI ended the year stronger than expected, coming in at 44.9 compared to the 41.0 consensus figure.
Turning to the bond markets, rates were higher. The 10-year Treasury yield (US10Y) was up 4 basis points to 3.88%. The 2-year yield (US2Y) was higher by 6 basis points to 4.43%.
Among active stocks, Southwest Airlines (LUV) was slightly higher after the airline said it expects to return to normal operations following thousands of flight cancellations.
Mesa Air Group (MESA) was higher despite a mixed earnings report.
There were some outsized moves in the biotech space, with shares of Silo Pharma (SILO) advancing more than 50% on animal study results for its arthritis therapy. Palisade Bio (PALI) extended gains from the previous session amid news of a registered direct offering and a concurrent private placement.
Image and article originally from seekingalpha.com. Read the original article here.