U.S. stock investors could not be more eager to turn the page on 2022, a brutal year dominated by market-punishing Federal Reserve rate hikes designed to tamp down the steepest inflation in 40 years.
The S&P 500 (.SPX) is down nearly 20% year-to-date with only a few trading days left in 2022, on pace for its biggest calendar-year drop since 2008. The carnage has been even more severe for the Nasdaq Composite (.IXIC), which had tumbled by nearly 34% so far for the year.
High-profile casualties include the once-soaring shares of Amazon.com Inc (AMZN.O), which have slumped around 50% this year, while those of Tesla Inc (TSLA.O) are down some 70% and Facebook parent Meta Platforms Inc (META.O) shares have lost about 65%. Meanwhile, energy stocks (.SPNY) have bucked the trend by posting eye-popping gains.
Reuters
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