Morning Preview: December 30, 2022

Early Look

Friday, December 30, 2022









S&P 500










U.S. futures are pointing to a lower open on this final trading day of 2022, putting behind a rough year that has sent the S&P 500 down -19% year-to-date, the Dow Jones Industrial Average -8.5% YTD, the Nasdaq Composite -33% YTD, and the Russell 2000 index down -21% YTD. The year has been marred by higher interest rates and a possible recession as the Federal Reserve has fast tracked interest rates this year, far more than the expected three hikes to start the year, trying to tame surging inflation. Growth and technology have been the hardest hit names this year while Energy the biggest winner by far, up over 50% on the year. In Asian markets, The Nikkei Index was little changed at 26,094, the Shanghai Index rose 15 points to 3,089, and the Hang Seng Index gained 40 points to 19,781. In Europe, the German DAX is down -100 points or -0.75% to 13,966, while the FTSE 100 slips -35 points to 7,477. Bitcoin, the largest digital asset, is on track to finish 2022 down more than 65%, while gold is flat YTD.

Market Closing Prices Yesterday

·     The S&P 500 Index spiked 66.06 points, or 1.75%, to 3,849.28

·     The Dow Jones Industrial Average rose 197.87 points, or 1.49%, to 33,220.80

·     The Nasdaq Composite surged 264.80 points, or 2.59%, to 10,478.09

·     The Russell 2000 Index advanced 44.23 points, or 2.57% to 1,766.25


Economic Calendar for Today

·     9:45 AM ET            Chicago PMI for December…est. 40.0

·     1:00 PM ET           Baker Hughes Weekly rig count data





















10-Year Note





World News

·     United States President Biden has signed the government’s massive $1.7 trillion funding bill into law, averting a government shutdown

·     Russia attacked Ukraine with 16 Iranian-made Shahed drones overnight, Ukrainian officials said on Friday, a day after Moscow fired dozens of missiles in its latest barrage against critical infrastructure.


Sector News Breakdown


·     Enovix Corp (ENVX) said that it has appointed Raj Talluri as its chief executive officer, replacing co-founder Harrold Rust, effective Jan 18; Talluri was previously at Micron (MU)

·     Guggenheim lowered estimates on Tesla (TSLA) after noting the IRS provided details on which US vehicles will qualify for Inflation Reduction Act (IRA) EV sales credits. In short, the disclosure is negative for TSLA according to the firm, with most Model Y’s being subject to a $55K price cap


Energy, Industrials & Materials

·     Southwest Airlines (LUV), which canceled two thirds of its flights the past few days amid a winter storm, said it plans to return to a regular schedule on Friday

·     Tellurian (TELL) files mixed securities shelf



·     Futu (FUTU) and Up Fintech (TIGR) shares tumbles over -20% after China’s securities regulator (CSRC) said the online brokers had conducted cross-border trading for Chinese domestic investors without its approval.

·     Global insurance losses for natural catastrophes are projected to reach $112 billion in 2022, reinsurance broker Guy Carpenter said on Friday, driven by the impact of Hurricane Ian which hit Florida earlier this year. Hurricane Ian and other natural catastrophes caused an estimated $115 billion of insured losses so far this year, well above the 10-year average of $81 billion, reinsurer Swiss Re SRENH.S estimated earlier this month. (ALL, TRV, CB)



·     Cigna Corp. (CI) said it plans to affirm its guidance for 2022 adjusted earnings per share of “at least” $23.10, the same guide it provided on 11/3 when it raised its outlook to at least $23.10 from at least $22.90 (guidance given ahead of JPM Health conference in January)

·     Hoth Therapeutics (HOTH) announces at-the-market $10M private placement

·     Sesen Bio (SESN) rises 26% after the company said it will increase a previously announced one-time special dividend following its merger with Carisma Therapeutics, to around $0.34 per share from as much as $0.12 per share


Technology, Media & Telecom

·     Trimble Inc. (TRMB) said it raised $1 billion in debt with Bank of America Corp. (BAC) as it prepares to acquire a logistics software company. Trimble had agreed to acquire Germany-based Transporeon for EUR1.88 billion ($2 billion) on 12/12

·     Canada’s competition tribunal approved on Thursday Rogers Communications Inc’s (RCI) C$20 billion ($14.77 billion) bid for Shaw Communications Inc (SJR), ending the companies’ 20-month-old dispute with the antitrust authority.

·     Huawei Technologies Co Ltd estimated on Friday its 2022 revenue remained flat, suggesting that its sales decline due to U.S. sanctions had come to a halt – Reuters


Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.