Tech companies, in particular, have had to suffer this year after sharp price increases in recent years. The technology sector saw nearly a third of value evaporate in 2022. The energy sector, on the other hand, has benefited from rising energy prices and is up nearly 60% this year.
Shortly after trading began, the Dow Jones index fell 0.4% to 33,100 points. The broad S&P 500 fell 0.5% to 3,829 points. The Nasdaq lost 0.9% to 10,383 points. The technology indicator managed to gain 2.6% on Thursday.
8.5% loss.
The Dow is heading for an annual loss of about 8.5%, after three years of straight profits. The oldest US stock index is performing better than the S&P 500 and the Nasdaq, which have lost about 19% and 33%, respectively, this year.
The Dow and the S&P 500 posted strong gains in the fourth quarter after three consecutive quarters of losses. The Nasdaq is still in the red by 0.9% in the last quarter of 2022. The tech indicator therefore appears to have suffered a loss for the first time since 2001 in four consecutive quarters.