The decline in U.S. stocks in the final week dashed investor expectations that 2022 would end on a positive note. In 2022, U.S. inflation raged and global stock market capitalization evaporated by one-fifth, making it the worst year since the financial crisis. As central banks raced to curb rising consumer prices by raising interest rates, bonds fell 16 percent in 2022, the biggest drop in at least 1990.

“We’ve never seen a market environment like this, where stocks and bonds are down together,” said Art Hogan, chief market strategist at B. Riley Wealth. “The good news is that this year will soon be history. The bad news is that 2023 will probably also be a volatile year, at least for the first few months. With the Fed’s inflation-fighting backdrop, 2023 is highly likely to shape up as a weaker economy, and the inevitable recession could help propel U.S. stocks to a better performance in the second half of the year.”

After iterations of record highs for the S&P 500 in 2021, few foresaw the ensuing declines so harsh. But after rising to a new all-time high on Jan. 3, the market’s good fortune quickly reversed as the Federal Reserve hinted at its determination to curb inflation. The Fed has since launched the most aggressive process of rate hikes in decades, causing both stocks and bonds to plummet.

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The Dow Jones closed at 30,946.90 points, down 491.27 points, or 1.56%; the Standard & Poor’s 500 index closed at 3821.55 points, down 2.01%; the Nasdaq closed at 11,181.50 points, down 2.98%.

Large technology stocks generally fell, with Amazon, Meta and Nifty all down more than 5%, Google and Microsoft both down more than 3%; Apple fell nearly 3%.

Chip leading stocks generally fell, AMD fell more than 6%, Nvidia fell more than 5%; Qualcomm counter trend rose, and rose more than 3%. Tianfeng International analyst Guo Ming𫓹 recently tweeted that Qualcomm will still be the only 5G chip supplier for Apple iPhone in 2023.

Electric car stocks generally fell, with Tesla down 5.00%, Rivian down 5.10% and Faraday Future down 1.32%; Azera down 2.57%, Xiaopeng down 5.06% and Ideal down 5.26%.

Chinese e-commerce stocks were generally lower, with Alibaba down 1.66%, Jingdong down 1.65% and Jindo down 2.75%.

Other popular Chinese stocks were mixed, with Ctrip up 10.79%, AutoZone up 8.96%, Man Gang up 5.02%, Baidu down 0.93%, Beili Beili down 3.44%, BOSS down 1.94% and Zhihu down 3.03%.

Specifically, the performance of major technology stocks in the U.S. stock market is as follows.

U.S. stocks fell across the board on Tuesday: the Nasdaq slumped nearly 3%, Apple fell 2.98%, and Tesla dropped 5%

Major chip stocks in the U.S. stock market performed as follows.

U.S. stocks fell across the board on Tuesday: the Nasdaq slumped nearly 3%, Apple fell 2.98% and Tesla dropped 5%

Major Chinese stocks in the U.S. stock market performed as follows.

U.S. investors were forced to face a series of weak economic data that fueled their concerns about companies’ current earnings and future performance. Analysts said this year’s earnings expectations for S&P 500 component companies for the year ahead remain surprisingly strong, leaving room for companies to report disappointing results and earnings guidance when the second-quarter earnings season begins next month.

On Tuesday, U.S. time, the World Federation of Large Companies (The Conference Board, TCB) released its U.S. consumer confidence index for June at 98.7, down to its lowest point in nearly 16 months. Meanwhile, the Richmond FedManufacturing Survey registered 19 in June, the lowest level since May 2020.

These data remind investors that the U.S. economy may have fallen into recession, said Cathie Wood, founder of the Ark Fund, in a television interview Tuesday morning.

According to FactSet, analysts expect second-quarter earnings growth of 4.3% for S&P 500 component companies, which would be the slowest quarterly earnings growth rate since the fourth quarter of 2020. That estimate has been cut by a full percentage point since March of this year, but some are concerned that the estimate could deteriorate further between now and the start of the second-quarter earnings season.

Since the beginning of the year, concerns that the U.S. economy could fall into recession have led defensive stocks such as utilities and health care to outperform the broader market, while momentum stocks such as technology have been among the hardest hit stocks. This trend continued on Tuesday, with the technology-dominated Nasdaq ending the day leading other major stock indexes lower.

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