Are You Worried About 2023 Now?

Are You Worried About 2023 Now?

Share to Linkedin The stock market's reaction to this question last week changed after the Federal Open Market Committee (FOMC) announced the possibility of two rate hikes by year-end 2023. Many traders decided it was a reason enough to sell. Friday's comments by St. Louis Fed President James Bullard, which stated the rate hike could come in 2022, likely added to the selling pressure. The Dow Jones Industrial Average was hit the hardest, down 3. 5%, for the worst week since last October when it closed at 26, 501. This is 6789 points below where it closed last Friday. The decline in the SPDR Gold Trust (GLD) was much worse, as it lost 6. 2%. Only the Nasdaq 100 Index managed to close higher, gaining 0. 4%. It is also showing a nice monthly gain so far, up 6. 3%. There were solid losses across the board with the Dow Jones Transportation and the iShares Russell 2000 down more than 4%, while the Dow Jones Utility Average declined 3. 1%. The S&P 500 did a bit better, losing just 1. 9%. On the NYSE, the market internals were solidly negative, with 853 issues advancing and 2634 declining. If you were