Wall Street ends 2022 with biggest annual drop since 2008

📆 12/31/2022 4:30 AM
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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. | Reuters

“The primary macro reasons … came from a combination of events: the ongoing supply chain disruption that started in 2020, the spike in inflation, the tardiness of the Fed beginning its rate tightening program in the attempt to corral the inflation,” said Sam Stovall, chief investment strategist at CFRA Research.

Apple Inc, Alphabet Inc, Microsoft Corp, Nvidia Corp, Amazon.com Inc, Tesla Inc are among the worst drags on the S&P 500 growth index, down between 28% and 66% in 2022. 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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