US stock market futures were muted late Monday ahead of the first day of trading in 2023.
Dow Jones Industrial Average Futures YM00, +0.65% rose more than 200 points out of the gate, but initial enthusiasm quickly faded. By midnight East they had given up these gains and were about flat; S&P 500 ES00 Futures, +0.67% and Nasdaq 100 NQ00 Futures, +0.58% flattened slightly in positive territory after similarly shedding early gains.
On Friday, the Dow Jones Industrial Average DJIA was down -0.22%, down 73.55 points, or 0.2%, to 33,147.25. The S&P 500 SPX, -0.25%, shed 9.78 points or 0.3% to 3,839.50, while the Nasdaq Composite COMP, -0.11%, fell 11.61 points or 0.1% to 10,466 .48 declined. All three major benchmarks experienced their worst year since 2008 based on percentage declines. The Dow fell 8.8% in 2022, while the S&P 500 plunged 19.4% and the tech-heavy Nasdaq fell 33.1%.
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US markets were closed Monday for the Lunar New Year holiday.
Investors are in for a busy, shortened week with a slew of economic data due including the S&P Global Manufacturing PMI and construction spending expected on Tuesday, the Jobs and Labor Turnover Survey on Wednesday and the December jobs report due on Tuesday is due Friday. On Wednesday, the Fed will also publish the minutes of its last meeting.