2922 certainly didn't do well in the diaries of optimistic market commentators and forecasters, including ones who thought inflation and the market rout would be short-lived.
U.S. index futures were solidly pointing to a higher open by Wall Street stocks on Thursday, which happens to be the penultimate trading session of the year.
Trading in index futures suggests stocks may open Wednesday’s session modestly higher. The lack of any major trading cues, save a couple of housing market readings, makes it difficult to predict the trading direction.
The index futures point to a moderately higher opening on Tuesday, as traders return to their desks after an extended holiday weekend in observance of Christmas. In the absence of any major trading cues, a couple of house price readings could guide sentiment. Trading volume could be light, lending less credibility to any potential move.
Stocks could be in for a higher opening on Friday, as indicated by the trading in the index futures. Key economic data will have a bearing on the day’s market direction, although conviction in the potential move could be less due to the thin trading volume that is characteristic of pre-holiday trade.
With mortgage rates falling for the fifth consecutive week, newer homeowners who locked in higher rates are looking for ways to reduce their monthly mortgage costs — and they’re doing so by refinancing in flock-like numbers.
The Federal Reserve under Jerome Powell has attracted widespread criticism for first being late in responding to a rise in inflation and then for its tackling it with almost unprecedented aggression in t