Stock futures were slightly higher on Wednesday morning as traders look to the end of a losing year and prepare for 2023.
Futures linked to the Dow Jones Industrial Average added 48 points, trading near flat. S&P 500 and Nasdaq 100 futures rose 0.12% and 0.11%, respectively.
Tuesday marked the beginning of an abbreviated trading week over the holiday. The Dow Jones rose 37.63 points, or 0.11%, to close at 33,241.56 points. The S&P 500 fell 0.40%.
The Nasdaq Composite fell about 1.4%, driven by an 11% drop in Tesla stock after that. The Wall Street Journal It reported that the electric car maker will continue to halt production for a week at its Shanghai facility. Saw Tuesday Seventh straight day of losses per share.
It comes at the end of a tumultuous year for the electric car maker, as owner Elon Musk executed a chaotic purchase of Twitter. Tesla shares are down 69% this year in value.
“A year ago, Musk was a champ and there was panic buying,” Eric Jackson, founder of IMG Capital, said on “The Closing Bell: Overtime.” “Now…it’s panic selling.”
With three trading days left in 2022, the stock market is on track for its worst year since 2008. The Nasdaq has been the worst performer of the three indexes, losing 33.8% this year as investors exit growth stocks amid growing recession fears. The Dow and S&P 500 are on track to lose 8.5% and 19.7%, respectively.
Investors will look for insights into the state of the economy in manufacturing data from the Richmond Fed and pending home sales coming Wednesday morning. Market participants will be looking for numbers that could indicate a slowing economy, which they hope will signal to the Fed that rate hikes can continue to slow.
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”