January 2023 update - How bad was 2022 and the outlook for 2023
2022 was an unusually bad year in financial markets. US stocks lost 19%, the most in a calendar year since 2008. Losses in some areas were much deeper. The technology sector dropped 31% and communications services stocks, which includes Alphabet (Google’s parent company) and Meta (Facebook’s parent company) plunged 40%. The Canadian stock market fared better, losing only approximately 5% for the year. Unlike most years, the biggest surprise for investors came from the bond ma