US stock markets were mixed on Friday as the Dow Jones managed to eke out a small gain, up 0.4%, but both the S&P 500 and Nasdaq retreating, down 0.3% and 1.3%, respectively.
Investors continue to digest the impact of both surging food and energy prices, as well as the cost of capital with many indicators now flashing a growing recession risk.
Hedge funds have delivered their worst quarterly performance since 2020, falling 1.1% on average in 2022.
Just four of the major sectors fell, led once again by technology, discretionary and communication names.
The biggest investment banks in the world will kick off reporting season this week, with expectations of another strong quarter of growth, with some benefit to come from higher bond rates and net interest margins.
Tesla Cybertruck slated for 2023
Shares in Tesla (NASDAQ: TSLA) finished 3% lower despite Elon Musk committed to 2023 deliveries of the long-awaited Cybertruck.
Tesla’s fully electric pickup truck was unveiled in 2019 with production initially set to begin in 2021, but COVID-related supply chain issues has led to delays.
The Cybertruck will compete in the US with Ford’s (NYSE: F) F-150 Lightning and Rivian’s (NASDAQ: RIVN) R1T, amongst others.
WD-40 gains on earnings beat
In a sign that more mature, defensive businesses remain in favour, WD-40 (NASDAQ: WDFC), which makes cleaning and work products, jumped more than 7% after delivering a significant earnings beat with inflation to have a limited impact on profits.
US stock markets post weekly loss
Over the week, all three US stock markets were lower, the Dow down 0.3%, the S&P 500 falling 1.3% and the Nasdaq tumbling 3.9%.
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to open higher this morning. For a round-up of the latest news, check out my ASX 200 morning report.
