The SPDR S&P 500 ETF Trust (NYSE:SPY) 500 declined for the fourth consecutive week as the stock market completed its worst year in more than a decade.
The S&P 500 dropped 19.2% in 2022, its worst performance in any year since it declined 38.4% during the global financial crisis in 2008. The Dow Jones Industrial Average finished 2022 down 8.5% on the year, while the tech-heavy Nasdaq declined 33%.
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Positive Outlook: On Thursday, biotechnology company Outlook Therapeutics Inc (NASDAQ:OTLK) reported third-quarter financial results and said it anticipates a potential regulatory approval of its wet age-related macular degeneration treatment ONS-5010 in 2023, news that sent the stock higher by 15% on the week.
Analysts expect S&P 500 companies to report a 2.8% earnings decline in the fourth quarter, according to FactSet.
Economic Numbers: Following the Monday market holiday, investors will get key economic updates on Wednesday when the Federal Reserve releases its latest meeting minutes and on Friday when the U.S. Labor Department releases its December jobs report.
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