U.S. stock-market futures were muted late Monday, ahead of the first trading day of 2023.
Dow Jones Industrial Average futures YM00, +0.65% jumped more than 200 points out of the gate, but initial enthusiasm quickly waned. By midnight Eastern, they had given up those gains and were about flat; S&P 500 futures ES00, +0.66% and Nasdaq-100 futures NQ00, +0.56% were treading water, slightly in positive territory, after similarly shedding early gains.
On Friday, the Dow Jones Industrial Average DJIA, -0.22% dipped 73.55 points, or 0.2%, to 33,147.25. The S&P 500 SPX, -0.25% lost 9.78 points, or 0.3%, to 3,839.50, while the Nasdaq Composite COMP, -0.11% retreated 11.61 points, or 0.1%, to 10,466.48. All three major benchmarks suffered their worst year since 2008 based on percentage declines. The Dow dropped 8.8% in 2022, while the S&P 500 tumbled 19.4% and the tech-heavy Nasdaq plunged 33.1%.
U.S. markets were closed Monday in observance of the New Year’s holiday.
Investors are in for a busy shortened week, with a slew of economic data due, including S&P Global manufacturing PMI and construction spending expected Tuesday, the Job Openings and Labor Turnover Survey on Wednesday and the December jobs report due Friday. On Wednesday, the Fed will also release minutes from its latest meeting.