U.S. stock-market futures sank Monday, ahead of the first trading day of 2023.
Dow Jones Industrial Average futures
jumped more than 200 points out of the gate, but initial enthusiasm quickly waned. By 8:30 p.m. Eastern, they had given up those gains and were down about 100 points, or 0.3%; S&P 500 futures
and Nasdaq-100 futures
were also in negative territory after similarly shedding early gains.
On Friday, the Dow Jones Industrial Average
dipped 73.55 points, or 0.2%, to 33,147.25. The S&P 500
lost 9.78 points, or 0.3%, to 3,839.50, while the Nasdaq Composite
retreated 11.61 points, or 0.1%, to 10,466.48. All three major benchmarks suffered their worst year since 2008 based on percentage declines. The Dow dropped 8.8% in 2022, while the S&P 500 tumbled 19.4% and the tech-heavy Nasdaq plunged 33.1%.
Markets were closed Monday in observance of the New Year’s holiday.
Investors are in for a busy shortened week, with a slew of economic data due, including S&P Global manufacturing PMI and construction spending expected Tuesday, the Job Openings and Labor Turnover Survey on Wednesday and the December jobs report due Friday. On Wednesday, the Fed will also release minutes from its latest meeting.