Here is what you need to know on Friday, December 31:
Well, we made it to the end of the year and what a tumultuous one it was. We can scarcely believe we are still talking about covid. Indeed talking about record infection rates, hopefully, recent research that the omicron variant proves less severe is correct because we are all tired of this covid business now. Unless of course, you are a vaccine manufacturer that is with booster shots being dished out globally. The UK has just approved Pfizer's (PFE) Paxlovid covid antiviral pill. Cruise stocks may not take the latest CDC advisory well "avoid cruise travel, regardless of vaccination status".
Gains for the year are healthy, with one session to go the S&P 500 takes the top step up 27% with the Nasdaq getting silver with a 22% gain. The Dow lags with a still-healthy 19% gain for 2021. How are we looking for 2022? Probably more gains in our view, earnings to remain strong, covid to finally abate and consumer demand is still pent up. We have our 2022 forecast here, take a look, it's riveting stuff!
The dollar is snoozing its way to the finish line at 1.1330 versus the euro. Oil is down 1% to $75.64 and bitcoin is up 2% to $48,000. Gold is at $1819.
See forex today
European markets are higher: Eurostoxx +0.2%, FTSE flat, and Dax +0.2%. Most are now closed.
US futures are lower: S&P -0.1%, Dow -0.1% and Nasdaq -0.1%. All down 0.1% then, why didn't I just write that in the first place!
Wall Street (SPY) (QQQ) top news
Pfizer (PFE) the UK approves Paxlovid antiviral pill.
Exxon Mobil (XOM) is on track for another quarterly profit thanks to strong energy prices. SEC filing, results on February 1-CNBC.
Tesla (TSLA) recalling 475,000 vehicles.
Advanced Micro Devices (AMD) expected to complete Xilinx (XLNX) deal in Q1 2022.
Apple (AAPL) switching some business from Foxconn to Luxshare.
Medalist Diversified REIT (MDRR) reports a stock repurchase program.
Zepp Health (ZEPP) lower Q4 revenue guidance.
Peloton (PTON) was downgraded by JMP Securities.
That's all folks, no economic releases or upgrades or downgrades of note to mention. Thanks for reading this year and have a great 2022. Throw a few comments into our survey below, but please be nice!
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD consolidates around 1.0760 ahead of US CPI Premium
EUR/USD is consolidating near 1.0750 and the DXY holds above 104.00. The cautious market mood helps the US Dollar remain steady as investors gear up for crucial macroeconomic data releases and central bank meetings. The US Consumer Price Index is due on Tuesday.
GBP/USD steady around 1.2550 as attention turns to US inflation
GBP/USD rebounded after finding support at the 1.2540 area and climbed toward 1.2570, on a quiet session. October labor market data from the UK and November inflation data from the US will be released on Tuesday ahead of the Fed's and the BoE's policy meetings.
Gold extends daily slide toward $1,980 Premium
Gold price remains under heavy bearish pressure and trades at its lowest level in nearly three weeks at around $1,980. The benchmark 10-year US Treasury bond yield is up more than 1% on the day, weighing on XAU/USD ahead of this week's key macroeconomic events.
Bitcoin price backtracks to $40,000 as whales move to sell $671 million worth of BTC
Bitcoin price crashed on Monday for the first time in nearly three weeks. The market was expecting a bullish continuation until the Securities & Exchange Commission (SEC) approves a spot BTC ETF in January 2024.
S&P 500 Forecast: Index produces new 2023 high
The S&P 500 index launched itself just barely to a new high for the year on Monday. In its second hour of trading, the index reached 4,620, which was just above the earlier annual high of 4,607 from July 27.