Stock futures edged higher on Wednesday morning as traders look ahead to the end of a losing year and prepare for 2023.
Futures tied with the Dow Jones industrial average added 56 points. S&P 500 and Nasdaq 100 futures rose 0.16% and 0.14%, respectively.
Tuesday marked the start of a holiday-shortened trading week. The Dow closed up 37.63 points, or 0.11%, at 33,241.56. The S&P 500 fell 0.40%.
The Nasdaq Composite fell nearly 1.4%, followed by an 11% drop in Tesla shares. Wall Street Journal The electric vehicle maker said it will continue with a week-long production shutdown at its Shanghai facility. Marked on Tuesday Seventh straight day of losses For stock.
It comes at the end of a tumultuous year for the electric automaker, with owner Elon Musk making a controversial purchase of Twitter. Tesla’s stock is down 69% this year.
“A year ago, Musk was a hero and there was panic buying on the upside,” Eric Jackson, founder of EMJ Capital, said in “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 lost 33.8% this year, the worst performer of the three indexes, as investors flee growth stocks amid 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 Federal Reserve and pending home sales on Wednesday morning. Market participants will be looking for numbers that indicate the economy is cooling, which they hope could signal to the central bank that interest rate hikes may continue to slow.