Pre-market futures are pretty rosy this morning, with the Dow getting an assist from Nike’s (NKE Quick QuoteNKE – Free Report) strong fiscal Q3 earnings yesterday, +330 points at this hour. The S&P 500 is up +30 points at this hour, and the Nasdaq is +65. Market indices are still down for the month of December, however, especially after the downward shift following the latest Fed policy meeting. But for Q4 as a whole, the Dow is +14.4%, the S&P +6.6% and the Nasdaq is the laggard for the quarter, -0.3%.
Don’t look now, but the Dow may be putting up its strongest trading quarter since Q2 2020. It’s still down for the year 2022, but only -8%, versus -18% for the S&P and -30% for the Nasdaq. It’s also worth pointing out her that the highs of 2022 came in its opening trading days of the year (aside from the Nasdaq, which peaked in November 2021), so we’ve been playing a losing game all year….