European markets are slipping as caution reigns to close out the year
European markets pulled back on Thursday as caution returned to global equities, with investors estimating some likely headwinds in 2023.
The pan-European Stoxx 600 The index fell 0.5% in early trading, while food and beverage stocks fell 1% to take losses as nearly all sectors and major stocks plunged into the red.
The European blue chip index started Thursday’s session down more than 12% for the year.
CNBC Pro: Tesla or Rivian? The pros predict what 2023 will look like for the two stocks
It’s been a tumultuous year for electric vehicle stocks and two investor favorites, Tesla and Rivianwere no exception.
What does the coming year look like for both stocks? CNBC Pro spoke to analysts and scoured Wall Street research to find out.
— Weizhen Tan
CNBC Pro: Tech is ‘down but certainly not out’ — watch these stocks in 2023, fund manager says
It’s been a bad year for technology companies, with many investors wondering when technology stocks will recover.
Tech fund manager Jeremy Gleeson of AXA Investment Managers told CNBC Pro Talks last week that he still believes in the sector.
He explains why and names the shares to buy.
— Weizhen Tan
All 11 sectors in the S&P 500 are down this week and month
The 11 sectors of the S&P 500 suffered pressure from energy companies during regular trading Wednesday.
Notable fallers in the energy sector include EQT, which fell 7.8%, and APA, which fell about 5.2%. The losses came along with falling prices for West Texas Intermediate and Brent crude, as well as natural gas.
The eleven sectors limp along as the week begins to wind down. They’re all down this week, dragged down by communications services, which are down almost 2.7%. All sectors are also negative for December, with consumer discretionary leading categories down and down about 13.3%.
However, energy shines for the fourth quarter and the year. It is up 19.6% for the last three months of the year and about 56.4% for 2022.
–Darla Mercado, Chris Hayes
Cal-Maine’s latest results show that consumers pay almost twice as much for a dozen eggs
What does inflation look like today?
Consumers are paying about twice as much for a dozen eggs than they did a year ago, due in part to increased demand for specialty eggs, according to the latest results from Cal-Maine Foodsthe largest egg producer in the country.
The average selling price for every dozen eggs was $2.71 in the quarter ending November 2022, up from $1.37 in the same quarter last year. This increase has gone faster than the increase in feed costs, which have risen sharply in recent years.
Supply and demand drive price increases.
While avian flu has hurt industry supplies, Cal-Maine continues to see tremendous demand, particularly for premium specialty eggs. Conventional egg volumes were actually down 2% in the quarter, while specialty egg volumes increased 24%.
There are a number of reasons for this. Prices of conventional eggs have risen so much that they have exceeded prices for specialty eggs. Cal-Maine’s average price for conventional eggs in the last quarter was $2.88 — more than 21% higher than the going price of $2.37 for specialty eggs.
So why pay for a conventional egg when you can get a cheaper specialty egg? Cal-Maine pointed out that the phenomenon has been a surprising trend recently: “For the past three quarters, conventional egg prices have exceeded the price of specialty eggs, but historically this is atypical.”
Demand for specialty eggs was also boosted – cage-free egg mandates in California and Massachusetts last January, as well as a trend of “more retailers transitioning to selling more cage-free products.”
Shares of Cal-Maine are up 68% in 2022. Still, during extended trading on Wednesday, the stock fell about 5%.
— Robert Hum, Sarah Min
Stock futures open higher
US stock futures opened higher Wednesday evening as investors enter the final trading days of 2022.
Dow Jones Industrial Average futures added 38 points, or 0.09%. S&P 500 and Nasdaq 100 futures rose 0.12% and 0.15%, respectively.
— Sarah Min