All of the major averages closed 2022 with their worst losses since 2008, each snapping a three-year win streak.
Stock futures rose Tuesday as Wall Street tried to start the new year on a strong note. Traders also braced themselves for a flurry of economic data coming this week.
The major averages closed 2022 with their worst annual losses since 2008, snapping a three-year win streak. The Dow ended the year down about 8.8%, and 10.3% off its 52-week high. The S&P 500 lost 19.4% for the year and sits more than 20% below its record high. The tech-heavy Nasdaq tumbled 33.1% last year.In fact, the S&P 500 has, on average, rebounded by 15% in the next year following a year where it lost more than 1%.
"Moving into 2023, as prices remain materially elevated, investors would be prudent to consider inflation-sensitive assets, as well as cyclical and other stocks that tend to do well in rising price environments," he added. Wednesday is a big day with the Job Openings and Labor Turnover Survey, better known as JOLTS, due out in the morning and the minutes of the Fed's latest policy meeting set to come out in the afternoon.
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