Here is what you need to know on Friday, December 31:
Well, we made it to the end of the year and what a tumultuous one it was. We can scarcely believe we are still talking about covid. Indeed talking about record infection rates, hopefully, recent research that the omicron variant proves less severe is correct because we are all tired of this covid business now. Unless of course, you are a vaccine manufacturer that is with booster shots being dished out globally. The UK has just approved Pfizer's (PFE) Paxlovid covid antiviral pill. Cruise stocks may not take the latest CDC advisory well "avoid cruise travel, regardless of vaccination status".
Gains for the year are healthy, with one session to go the S&P 500 takes the top step up 27% with the Nasdaq getting silver with a 22% gain. The Dow lags with a still-healthy 19% gain for 2021. How are we looking for 2022? Probably more gains in our view, earnings to remain strong, covid to finally abate and consumer demand is still pent up. We have our 2022 forecast here, take a look, it's riveting stuff!
The dollar is snoozing its way to the finish line at 1.1330 versus the euro. Oil is down 1% to $75.64 and bitcoin is up 2% to $48,000. Gold is at $1819.
See forex today
European markets are higher: Eurostoxx +0.2%, FTSE flat, and Dax +0.2%. Most are now closed.
US futures are lower: S&P -0.1%, Dow -0.1% and Nasdaq -0.1%. All down 0.1% then, why didn't I just write that in the first place!
Wall Street (SPY) (QQQ) top news
Pfizer (PFE) the UK approves Paxlovid antiviral pill.
Exxon Mobil (XOM) is on track for another quarterly profit thanks to strong energy prices. SEC filing, results on February 1-CNBC.
Tesla (TSLA) recalling 475,000 vehicles.
Advanced Micro Devices (AMD) expected to complete Xilinx (XLNX) deal in Q1 2022.
Apple (AAPL) switching some business from Foxconn to Luxshare.
Medalist Diversified REIT (MDRR) reports a stock repurchase program.
Zepp Health (ZEPP) lower Q4 revenue guidance.
Peloton (PTON) was downgraded by JMP Securities.
That's all folks, no economic releases or upgrades or downgrades of note to mention. Thanks for reading this year and have a great 2022. Throw a few comments into our survey below, but please be nice!
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
Gold trades near record-high, stays within a touching distance of $3,100
Gold clings to daily gains and trades near the record-high it set above $3,080 earlier in the day. Although the data from the US showed that core PCE inflation rose at a stronger pace than expected in February, it failed to boost the USD.
EUR/USD turns positive above 1.0800
The loss of momentum in the US Dollar allows some recovery in the risk-associated universe on Friday, encouraging EUR/USD to regain the 1.0800 barrier and beyond, or daily tops.
GBP/USD picks up pace and retests 1.2960
GBP/USD now capitalises on the Greenback's knee-jerk and advances to the area of daily peaks in the 1.2960-1.2970 band, helped at the same time by auspicious results from UK Retail Sales.
Donald Trump’s tariff policies set to increase market uncertainty and risk-off sentiment
US President Donald Trump’s tariff policies are expected to escalate market uncertainty and risk-off sentiment, with the Kobeissi Letter’s post on X this week cautioning that while markets may view the April 2 tariffs as the "end of uncertainty," it anticipates increased volatility.
US: Trump's 'Liberation day' – What to expect?
Trump has so far enacted tariff changes that have lifted the trade-weighted average tariff rate on all US imports by around 5.5-6.0%-points. While re-rerouting of trade will decrease the effectiveness of tariffs over time, the current level is already close to the highest since the second world war.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.