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Wall St dragged down by growth stocks on last trading day of torrid year

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Wall Street's three main indexes were set for their first annual drop after three straight years of gains.

has dropped 7.9%, with investors preferring high dividend yielding sectors with steady earnings such as energy.

Focus has now shifted to the outlook for corporate earnings in 2023 as investors grow increasingly concerned about the likelihood of a sharp economic downturn due to the rate hikes. " back half of 2023 is going to be better because I believe the Fed will stop raising interest rates. And I also believe that they will talk about lowering interest rates."

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“Torrid”, eh! Is “torrid” a euphemism for steady decline in valuation due to government-induced inflation, high interest rates, and eroding investor confidence?

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