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*US equities close mixed as investors remain cautious heading into 2023*
*28 December 2022*
Nasdaq 100 Index 10822.51, (-1.48%)↓
S&P 500 Index 3829.24, (-0.41%)↓
Dow Jones Indus Avg Index 33241.56, (0.11%)↑
US stocks closed mixed in the first trading day of a holiday-shortened week. *Treasury yields* rose on fears that China\'s re-opening may add to global inflation. The *10-year Treasury yield* last hovered around 3.85%. As we close 2022, all 3 benchmark US indices are on track to post their largest annual loss since 2008. 6 of 11 sectors ended in red, with *Consumer Discretionary* leading losses while *Energy* led shares higher.
The *S&P Case-Shiller Home Price Index* showed home price growth in its 20-city composite cooled to 8.6% YoY, its lowest reading since November 2020. Elsewhere, *China dropped quarantine requirements for inbound travelers effective 8 January 2023*, and began *issuing passports and Hong Kong travel permits to mainland residents*. This fueled optimism that the world\'s second largest economy may be inching closer towards a full re-opening. Nevertheless, expect the *upcoming Chinese New Year* to be a major test of the government\'s resolve to proceed with their policy shift.
*Tesla (-11.41%)* extended its decline following reports the EV maker was planning to cut production at its Shanghai plant amidst a drop in demand from China, the world\'s largest car market. *Southwest Airlines (-5.96%)* tumbled after coming under fire from the US government following thousands of flight cancellations due to harsh winter storms. Stocks related to the re-opening of China such as *Wynn Resorts (+4.47%)* and *Las Vegas Sands (+4.17%)* both were the largest gainers in the S&P 500. *Alibaba (+4.92%), JD.com (4.18%), and Pinduoduo (+1.39%)* all also rallied higher.
*28 December 2022*
Nasdaq 100 Index 10822.51, (-1.48%)↓
S&P 500 Index 3829.24, (-0.41%)↓
Dow Jones Indus Avg Index 33241.56, (0.11%)↑
US stocks closed mixed in the first trading day of a holiday-shortened week. *Treasury yields* rose on fears that China\'s re-opening may add to global inflation. The *10-year Treasury yield* last hovered around 3.85%. As we close 2022, all 3 benchmark US indices are on track to post their largest annual loss since 2008. 6 of 11 sectors ended in red, with *Consumer Discretionary* leading losses while *Energy* led shares higher.
The *S&P Case-Shiller Home Price Index* showed home price growth in its 20-city composite cooled to 8.6% YoY, its lowest reading since November 2020. Elsewhere, *China dropped quarantine requirements for inbound travelers effective 8 January 2023*, and began *issuing passports and Hong Kong travel permits to mainland residents*. This fueled optimism that the world\'s second largest economy may be inching closer towards a full re-opening. Nevertheless, expect the *upcoming Chinese New Year* to be a major test of the government\'s resolve to proceed with their policy shift.
*Tesla (-11.41%)* extended its decline following reports the EV maker was planning to cut production at its Shanghai plant amidst a drop in demand from China, the world\'s largest car market. *Southwest Airlines (-5.96%)* tumbled after coming under fire from the US government following thousands of flight cancellations due to harsh winter storms. Stocks related to the re-opening of China such as *Wynn Resorts (+4.47%)* and *Las Vegas Sands (+4.17%)* both were the largest gainers in the S&P 500. *Alibaba (+4.92%), JD.com (4.18%), and Pinduoduo (+1.39%)* all also rallied higher.
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