U.S. stocks closed out 2022 lower, capping a year of sharp losses driven by aggressive interest rate hikes to curb inflation, recession fears, the Russia-Ukraine war and rising concerns over COVID cases in China
The S&P 500 growth index has fallen about 30.1% this year, while the value index
is down 7.4%, with investors preferring high dividend-yielding sectors with steady earnings such as energy.A trader works on the trading floor at the New York Stock Exchange in New York City, U.S., December 14, 2022. REUTERS/Andrew Kelly/File Photo"The housing market has really slowed down and the values of people's homes have declined off of the highs earlier this year," said J.
The focus has shifted to the 2023 corporate earnings outlook, with growing concerns about the likelihood of a recession. Still, signs of U.S. economic resilience have fueled worries that rates could remain higher, though easing inflationary pressures have raised hopes of dialed-down rate hikes. Money market participants see 65% odds of a 25-basis-point hike in the Fed's February meeting, with rates expected to peak at 4.97% by mid-2023.
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