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Stock futures are flat on Friday morning

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, on December 7, 2022.

Brendan McDermid | Reuters

Stock futures rose in early morning trading on Friday.

Futures tied to the Dow Jones Industrial Average gained 50 points, or 0.15%. S&P 500 and Nasdaq 1[ads1]00 futures rose 0.12% and 0.03%, respectively.

The overnight moves followed another decline for markets as December’s selling resumed and hopes of a Santa Claus rally faded. The Dow fell 348.99 points, or 1.05%, but ended well at its lowest level of 803 points. The S&P 500 and Nasdaq Composite rose by 1.45% and 2.18% respectively.

Tech stocks were among the losers, with shares of semiconductor stocks falling on concerns over Micron Technology. Tesla has also lost nearly 9% on fears of falling demand. All major S&P 500 sectors also ended lower, leading to downside consumer discretion.

The moves came as fears of a recession resurfaced, dashing some investors’ hopes for a year-end rally. Investors worry that excessive tightening by central banks around the world could force the economy into a downturn.

“From a broader market and economic perspective, nothing is different next year,” Dan Greenhaus, chief strategist at Solus Alternative Asset Management, said on CNBC’s “Closing Bell: Overtime” Thursday, noting that questions will hang over how far the Fed will hike . “The trend is still the trend that stays in place.”

With the end of 2022 just around the corner, stocks are also poised to end three years of gains and post their worst annual performance since 2008. For December, all major averages are on pace for two straight months of gains, with the Dow down 4.5% . The S&P and Nasdaq have fallen 6.3% and around 8.7% respectively.

Investors await more economic data due Friday, including November’s report on personal consumption expenditures — the Federal Reserve’s preferred measure of inflation — and personal income. New home sales and the December consumer sentiment index are also scheduled for release.

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