Major indices on pace for worst year since 2008, energy stocks hold on to sector gains
Yahoo Finance's Jared Blikre checks in on markets in the final hour of trading for 2022.
Video Transcript
SEANA SMITH: It is the final hour of trading for the year. Stocks extending losses this afternoon. You can see we're in the red, where we have really been for much of the last 12 months. You're looking at the Dow off 324 points. S&P off just about 1%, as well as the NASDAQ. And Jared, it has certainly been a brutal year for the markets. All three of the major averages on track for the worst year that we have seen since 2008.
JARED BLIKRE: Seana, this has been a year of elevated volatility. And let's just take a look. This is the fifth day of the Santa Claus rally, which officially carries into the second trading day of the new year. That's going to be next Wednesday. Next Monday is a holiday, thank goodness. Here is the last five trading days. And guess what? If you're wondering where Santa Claus is, so are a lot of investors. Dow underwater, but not by much-- 38 basis points less than half a percent. S&P 500 slightly negative as well, almost the identical return as the Dow. And then the NASDAQ composite, that's down 1%.
And then checking in on the sector action for today, only energy in the green. You can see that's XLE over there in the upper left. And then real estate and utilities, those are the two worst performing sectors. Those are defensive sectors, and so those are taking it the most here. And let's check out what the five-day look is. Again, energy at the forefront. That's up over 3%, followed by financials and communication services. But it's materials, tech, and staples that have been sold the most, along with healthcare.
And interestingly, healthcare, staples, and materials have seen a rise. Those have been some of the favorite sectors this month. Let's take a look at the NASDAQ. This is over the last five days. You're going to see a lot of red and dark red here. And we'll get into some of that in a few minutes. But here's the intraday look. Tesla just barely breaking even. Netflix up a quarter of a percent, but for the most part, just mild red here. Not a lot of heavy selling, but just some listless sideways action or sideways to down action in a lot of these stocks. Seana.
