Good morning and welcome to the Weekender for Saturday, January 6, 2023. US equity returns for 2022, as measured by the S&P 500, were lower by -19.4%. The much narrower thirty-member Dow Jones Industrial Index fell by only -8.8%, while the tech-heavy Nasdaq lost almost one-third of its value, down by -33.1%. For the first trading week of 2023, US equity markets, again using the S&P 500 as proxy, were higher by 1.4% after a strong rally on Friday, which came on the back of strong labor data giving markets hope that a soft economic landing is possible.
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