Volatility in the global equity markets led to increased uncertainty surrounding growth and earnings expansion for companies. Inflationary pressures and higher labor costs weighed on stocks, with only two sectors of the S&P 500, energy and utilities, posting gains for the year. The consumer discretionary, real estate, communications, and technology sectors underperformed the most for the year.
Corporate earnings forecasts remain a focal point as companies increasingly struggle with tighter margins and a slowing economic environment. Optimistically, the challenges of the post-pandemic supply constraints have eased significantly.
Sources: S&P, Bloomberg, New York Stock Exchange
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