The US stock market will open after an extended weekend as the Nasdaq and NYSE stock exchanges were closed on Monday, January 2 on account of the New Year holiday. On Tuesday, January 3, the first trading day for the markets, the sentiments seem to be bullish.
On Friday, December 31, 2022, the Dow 30 index closed at 33,147.25, S&P 500 at 3,839.50, Nasdaq 100 at 10,939.76, and Nasdaq Composite at 10,466.48. Whether these leading US indices end up higher, lower, or around the same levels at the end of 2023 remains to be seen.
The US equity futures are trading in green and the market seems to open higher on Tuesday. On Friday, the Dow Jones fell below its 50-day moving average. There is still some space between the S&P 500 and the Nasdaq’s 50-day lines, as well as a number of significant resistance zones, to be overcome.
In 2022, share prices in the US stock market plummeted dramatically. The annual falls in the Dow, S&P 500, and Nasdaq were the largest in 14 years. A stock market rally attempt is in progress, but it still has miles to go before it is successful.
Also Read – Dow 30 top gainers, losers: 2022 performance roundup
The Dow Jones Industrial Average (DJI) or Dow 30 index may still be relevant in a turning point year for the stock market. The Dow 30 fell by 8.78% during the past year, while some of its peer indices had significant falls. Over the last year, the S&P 500 index, a leading benchmark for US stocks, has fallen 19.44% and Nasdaq 100 was down over 30%.
Also Read – S&P 500 top gainers, losers: 2022 performance roundup
The impact of Covid-19 on the stock market may get fizzled out soon. Reportedly, the number of US coronavirus cases is declining and is down 11% from two weeks earlier.
The Job Openings and Labor Turnover Survey, or JOLTS, will be released on Wednesday, as will the minutes from the most recent Fed meeting. Then, on Friday, investors will examine the December jobs report to see if Fed policymakers were successful in cooling the labour market.
Meanwhile, Tesla reported delivering 405,278 brand-new vehicles in the fourth quarter, ending a year in which the electric vehicle manufacturer experienced an increase in deliveries of 40% overall. However, the fourth quarter’s performance was well below what analysts had predicted. In fact, it was lower than the lowest end of the range when compared to the 409,000 to 433,000 range of expectations that made up the FactSet consensus. The price of Tesla’s stock plummeted last year by over 65%.
