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U.S. Financial Market Update: Week in Review

January 3, 2023

The fabled Santa Claus rally proved elusive for U.S. stock markets in the final trading week of the year, as the S&P 500 fell 0.1% for its fourth consecutive weekly loss. Higher Treasury yields and concerns about the potential for new strains of COVID-19 spawned by the current Chinese outbreak weighed on market sentiment. For the full year, the S&P 500 posted a total return of -18.1%, weighed down by steep losses in the communication services (-39.9%), consumer discretionary (-37.0%), and technology (-28.2%) sectors. The S&P 500 energy sector (+65.4%) was by far the benchmark’s best performing major group, boosted by elevated crude oil prices over the past two years. Utilities (+1.6%) and consumer staples (-0.6%) were a distant second place and third place, respectively. In 2022, the blue chip Dow Jones Industrial Average (-6.9%) held up much better than the S&P 500 (-18.1%), while the technology-dominant Nasdaq (-32.5%) fared considerably worse. Read the full Financial Market Update here.

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