Marketbites: Markets Fall to Start 2023
Portfolio Manager Commentary:
Markets fell during the first trading day of 2023 yesterday as inflation and recession fears continue into the new year. The Nasdaq shed 0.76%, while the Dow Jones Industrial Average and S&P 500 dipped 0.03% and 0.4%, respectively. Shares of Tesla plummeted more than 12% on delivery numbers that missed expectations.
Investors have been hoping the market would bounce back after the major averages notched their worst year since 2008. The Fed and its tightening plan hang over markets in the near term. We will gain more insight into what Fed members are thinking this afternoon as minutes from the central bank’s latest policy meeting are released. Friday’s December jobs report also will be closely watched as it is the last read on the labor market before the Fed meeting in February.
Chart of the Day:
Apple shares fell 3.7% on Tuesday, closing with a market capitalization below $2 trillion for the first time since March 2021, according to Dow Jones Market Data. A year ago today, Apple briefly topped a $3 trillion market value intraday before closing at its peak market cap of $2.986 trillion. That means Apple has lost $996.5 billion in market value since that peak closing.