Jobs report hangs over markets in first week of new year – CNBC

by | Dec 30, 2022 | Jobs

The first week of the new year will be a busy one with December’s jobs report looming Friday, and many investors may be looking for ways to fix up their portfolios after 2022’s battering. Following a negative year, the stock market’s worst losers can be the next year’s winners. Investors may already be bargain hunting in the most damaged sectors — such as technology and consumer discretionary. Good news for investors is that the broader market has been higher 81% of the time in the 12 months following a down year, according to CFRA. “History recommends rotating from ‘first to worst’ by getting out of those likely defensive groups that held up best during the decline and rotate into those sectors that fell the furthest,” said Sam Stovall, chief investment strategist at CFRA. The defensive utilities sector was one of the best, declining just 1.4% and second only to the energy sector’s 59% gain . Stocks closed out 2022 with their worst losses since 2008. The S & P 500 closed at 3,839.50, down 19.4% for the year, even with a more than 7.1% gain for the fourth quarter. The index was slightly negative in the final week of the year but down 5.9% for the month of December. The Nasdaq was far worse, with a 33% decline for the year. What to watch Friday’s jobs report is …

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