Stock futures rose slightly as investors look ahead to the new year

Stock futures edged higher on Wednesday morning as traders look to the end of a losing year and prepare for 2023.

Futures tied to the Dow Jones Industrial Average added 48 points to trade almost flat. S&P 500 and Nasdaq 100 futures added 0.12 percent and 0.11 percent, respectively.

Tuesday marked the start of the holiday-shortened trading week. The Dow rose 37.63 points, or 0.11%, to close at 33,241.56. The S&P 500 fell 0.40%.

The Nasdaq Composite lost nearly 1.4%, led by an 11% drop in Tesla shares after The Wall Street Journal announced that the electric vehicle maker will continue a week-long production hiatus at a facility in Shanghai. Tuesday marked seventh consecutive day of losses for the shares.

It comes at the end of a tumultuous year for the electric vehicle maker, as owner Elon Musk made a chaotic purchase on Twitter. Tesla’s stock is down 69% this year.

“A year ago, Musk was a hero and there was panic buying on the upside,” Eric Jackson, founder of EMJ Capital, said on “Closing Bell: Overtime.” “Right now… it’s panic selling.”

With three trading days left in 2022, the stock market is on track for its worst year since 2008. The Nasdaq was the worst performer of the three indexes, losing 33.8% this year as investors pulled back from growth stocks amid growing recession fears. The Dow and S&P 500 are on track to lose 8.5% and 19.7%, respectively.

Investors will look for clues on the state of the economy in manufacturing data from the Richmond Federal Reserve and pending home sales on Wednesday morning. Market participants will be looking for numbers that could signal a cooling economy, which they hope will signal to the Fed that rate hikes may continue to slow.

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