European markets tumble as prudence through year end
European markets It pulled back on Thursday as caution returned to global equities as investors assessed a range of possible headwinds in 2023.
Pan-European Stokx 600 The index fell 0.5% in early trading and food and beverage stocks fell 1%, leading the losses as nearly all industries and major stock markets slipped into the red.
The European blue chip index started Thursday’s session down more than 12% for the year.
– Elliot Smith
CNBC Pro: Tesla or Rivian? Pros predict what 2023 will look like for two stocks
It’s been a tumultuous year for electric vehicle stocks, and two of the investors’ favourites, tesla and Rivathere has been no exception.
What will the next year be like for both stocks? CNBC Pro spoke to analysts and scanned Wall Street research to find out.
CNBC Pro subscribers can read more here.
— Weizhen Tan
CNBC Pro: Technology ‘dropped but never finished’ – fund manager, watch these stocks in 2023
It’s been a bad year for tech companies, and many investors are wondering when tech stocks will pick up.
Technology fund manager Jeremy Gleeson of AXA Investment Managers told CNBC Pro Talks last week that he still believes in the industry.
He explains why and gives the names of stocks to buy.
CNBC Pro subscribers can read more here.
— Weizhen Tan
All 11 sectors in the S&P 500 are down weekly and monthly
11 sectors of the S&P 500 suffered during regular trade, dragged on by energy companies on Wednesday.
Notable declines in the energy sector include the EQT, which fell 7.8%, and the APA, which fell by about 5.2%. The losses came as gas prices fell, along with West Texas Intermediate and Brent crude oil.
Eleven sectors are limping as the week begins to slow down. All fell during a week dragged on by communications services, which were down almost 2.7%. All sectors are also negative for December, with consumer appreciation categories pointing downwards by about 13.3%.
That said, the energy is shining for the fourth quarter and year. It increased by 19.6% in the last three months of the year and by approximately 56.4% for 2022.
–Darla MercadoChris Hayes
Cal-Maine’s latest results show consumers pay nearly twice as much for a dozen eggs
What does inflation look like these days?
Consumers pay roughly twice as much for a dozen eggs as they did a year ago. final results from Cal-Maine Disheslargest egg producer in the country.
The average selling price for each dozen eggs for the quarter ending November 2022 increased from $1.37 to $2.71 year-on-year. This increase has outstripped the increase in feed costs that have increased in recent years.
Supply and demand drive prices up.
While bird flu wreaked havoc on industry supply, Cal-Maine continued to see tremendous demand, particularly for premium specialty eggs. Traditional egg volumes were actually 2% lower this quarter, while volumes of specialty eggs increased by 24%.
There are several reasons for this. Conventional egg prices have increased so much that they have exceeded specialty egg prices. Cal-Maine’s average price for traditional eggs in the last quarter was $2.88—21 percent more than the $2.37 price for specialty eggs.
So why pay for a traditional egg when you can get a cheaper specialty egg? Cal-Maine noted that the phenomenon has been a surprising trend recently: “Traditional egg prices exceed specialty egg prices, it has occurred over the past three quarters, but is historically atypical.”
It’s also driving demand for specialty eggs — cage-free egg imperatives in California and Massachusetts last January, and the trend of “more retailers shifting to selling more cage-free products.”
Cal-Maine shares rose 68% in 2022. Still, the stock fell nearly 5% in extended trading on Wednesday.
— Robert Hum, Sarah Min
Stock futures open higher
U.S. stock futures opened higher Wednesday night as investors enter the final trading days of 2022.
Dow Jones Industrial Average futures were up 38 points, or 0.09%. S&P 500 and Nasdaq 100 futures rose 0.12% and 0.15%, respectively.
—Sarah Min
