The S&P 500 fell Tuesday, at the start of the holiday-shortened week, as yields climbed and investors weighed the economic outlook for 2023. The Dow rose 0.11%. The S&P 500 shed 0.41%. The Nasdaq fell 1.38%.
International and emerging market stocks seen returning most over next 7 years, GMO says
The U.S. isn't forecast to keep up, with U.S. small caps projected to shrink 1.4% each year after inflation, and U.S. large caps estimated to fall an average 1.8% annually over seven years. U.S. cash was projected to lose the least amount of money at the start of the year, falling 1.1% a year after inflation looking out over the next seven years, followed by emerging market debt at -1.7%, U.S. inflation-linked bonds , U.S. bonds and currency-hedged international bonds .Texas business activity falls further into contraction, Fed survey shows
On the positive side, the overall production index registered a 9.7, after being slightly positive in November.Tech shares slid as bond yields ticked higher on Tuesday, with Tesla shares slumping more than 6% to fall to a fresh 52-week low of $114.12. The stock is trading at levels not seen since Sept. 2020.Lumen Technologies, meanwhile, fell to lows dating back to 2008 – when the CenturyTel/Embarq merger created CenturyLink, the name Lumen was known as until 2020.J.M.
Since 1928, there have only been four instances where the S&P 500 has fallen for two consecutive years in a row. That included the tech bubble in the early 2000s. Shares of Apple dropped 2.1%, while Amazon shed 1.8%. Microsoft, Meta Platforms and Salesforce also suffered modest dips.
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