Midday market 12/30: Slight decline on the last day of the year

The market opened the last trading session of 2022 with extremely low liquidity compared to yesterday. Light selling pressure appeared at the open with tech continuing to face significant pressure, pulling SPY down through 380 before being sucked back above the important gamma level. Sector rotation proceeded quite slowly with money flow mainly pushing into healthcare and energy as well as consumer defensive small caps.

Meanwhile, credit pressure increased slightly across all markets as of this morning, pushing the 10Y back above 3.9% and towards the 4.0% mark, putting pressure on the financial conditions of growth stocks.