Is the market open today, Boxing Day?

United States markets will remain closed on Mondays as a holiday observed for Christmas.

What happened: Last week, major indices posted mixed performance while missing the long-awaited Santa Claus rally. The Nasdaq Composite lost 1.96% over the past five days while the Dow Jones ended up 0.86%. The S&P 500 lost 0.23% over the same period.

See also: How to invest in startups

The SPDR S&P 500 ETF Trust SPY has lost 0.15% over the past five days, while the Vanguard Total Bond Market Index Fund ETF BND has lost 1.19% over the past five days. the same period.

The only relief came on Wednesday when markets soared on the release of upbeat consumer confidence data that hit an eight-month high in December amid declines inflation and labor intensive. market. Year-over-year inflation expectations fell to their lowest level since September 2021, at 6.7%.

Recession fears: Despite consumer confidence data providing some relief, the market remains awash with recession expectations as hopes of a soft landing have started to wane their momentum. Prominent names have argued that a recession may be inevitable.

Former Treasury Secretary Lawrence H. Summers expects the Federal Reserve to suffer a recession if inflation were to fall and the recession will not be mild.

Allianz chief economic adviser Mohamed El-Erian noted last week that the effect of central bank rate hikes is showing up in sectors of the economy rate sensitive, but the challenge is that the drivers of inflation have lagged.

Read next: Here's more evidence that Tesla's Cybertruck may soon go into production

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.