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- US stocks climbed Tuesday on the first day of trading for 2023.
- Indexes are coming off one of their worst years in history, with the S&P 500 losing about 20% over the last 12 months.
- Tuesday also marks the one-year anniversary of the S&P 500’s all-time closing high.
US stocks rallied on Tuesday, the first trading day of the year, following a brutal 2022 that saw their worst performance since 2008.
In 2022, the S&P 500 shed about 20%, and Tuesday also marked the one-year anniversary of the index’s all-time closing high.
Now, investors are looking ahead to a year of more uncertainty as the world’s central banks continue to fight high inflation, and geopolitical tensions persist in eastern Europe.
Here’s where US indexes stood as the market opened 9:30 a.m. on Tuesday:
- S&P 500: 3,852.37, up 0.34%
- Dow Jones Industrial Average: 33,193.76, up 0.14% (46.51 points)
- Nasdaq Composite: 10,540.40, up 0.71%
Should stocks see a second consecutive losing year, history says it’s slated to be worse than the first. That remains rare, however, as US markets typically rebound after a down year.
The S&P 500 has only seen back-to-back negative years on four occasions: The Great Depression, World War II, the 1970s oil crisis, and the dot-com bubble of the early 2000s.
Here’s what else is going on:
- US stocks will rebound 24% this year as Fed tightening will no longer crush the market, according to Fundstrat
- SpaceX is launching a $750 million funding round with Andreessen Horowitz that values the company at $137 billion, CNBC reported
- US oil giants Exxon and Chevron are poised to reap $100 billion in total profit from Russia’s war on Ukraine
- Gemini’s Cameron Winklevoss accused Genesis boss of stalling on $900 million loan payments
- Tesla fell short on deliveries in the fourth quarter and on its 2022 targets
In commodities, bonds, and crypto:
- Oil prices dropped, with West Texas Intermediate down 1.83% to $78.79 a barrel. Brent crude, the international benchmark, inched lower 1.72% to $84.48 a barrel.
- Gold rose 0.95% to $1,843.60 per ounce.
- The 10-year yield ticked 0.92 basis points higher to 3.739%.
- Bitcoin edged up 0.05% to $16,728.70.