U.S. stocks had their worst year since 2008
The main U.S. indices closed the last trading week of the year in the red. With the S&P 500 down nearly 20% in 2022, this was Wall Street’s first yearly loss since 2018 as the Fed unleashed its aggressive war against decades-high inflation.
While growth stocks were the biggest drags on the market, the energy sector was the top performer, with gains of nearly 60% posted in the last year. In addition, the traditionally considered “recession-proof” sectors – utilities, consumer staples and healthcare – were able to hold up relatively better than the rest.
Top stories from last week
- TG Therapeutics (TGTX) jumped over 36% through the last week on getting U.S. FDA approval for its treatment for relapsing forms of multiple sclerosis in adults.
- Generac (GNRC) ended the last week nearly 12% higher after analysts at Janney Montgomery Scott initiated coverage on the stock with a “buy” rating.
- ChargePoint (CHPT) rose more than 5% on Friday after Q-GRG VII (CP) Investment Partners bought more than 1.4 million shares, according to a U.S. SEC filing.
The Week Ahead
- U.S. stock markets will be closed on Monday, 2nd January for New Year’s holiday.
- Tesla (TSLA) and Rivian Automotive (RIVN) will be in the spotlight with much-awaited Q4 deliveries reports expected.
- Chinese EV-makers NIO (NIO), Li Auto (LI), and XPeng (XPEV) will also report on monthly deliveries amid some concerns about demand.
- Earnings this week: Walgreens Boots Alliance (WBA), Constellation Brands (STZ).
- Economic data this week: December jobs report.
*Consensus rating and average price target as per Tipranks data.
ETF watchlist for this week