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By Staff Reporters

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• Tesla stock is on pace for its worst year on record as trading in 2022 comes to a close. Shares have lost about 65% from the start of the year. CEO Elon Musk has faced pressure from investors over his preoccupation with Twitter.
• The S&P 500 closes out dismal year with worst loss since 2008

And, the U.S. dollar surrendered its status as the world’s premier safe haven in Q4. Central banks in Europe and — more recently — Japan applied a more aggressive monetary policy, signaling that they intend to close the gap with higher U.S. yields created by the Federal Reserve. This helped to drive their currencies higher. At the same time, investors in the U.S. were betting that the Fed’s campaign of interest rate rises was drawing nearer to its end. This resulted in the euro rising roughly 8.8% against the dollar, its biggest quarterly gain since 2010, according to Dow Jones Market Data.

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Finally, U.S. equities closed out 2022 in the red, and all three major indexes registered solid losses on a yearly basis. The stock market posted its worst yearly decline since 2008. Trading remained subdued in the final days of the year as volumes continued to be on the lighter side. Equity news remained in short supply, but Southwest Airlines continued to be in the headlines after saying its latest troubles will affect Q4 results.

The economic calendar was also relatively quiet, with today’s lone report showing a surprising rebound in manufacturing activity in the Chicago region.

Treasury yields gained ground, and the U.S. dollar declined, while crude oil prices rose, and gold was slightly higher.

Asian stocks finished out the year mixed in thin trading, and markets in Europe saw widespread losses, with the region posting the worst year since 2018.

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