us stocks slumped friday to start the final trading day of 2022 ready to cap off a turbulent year shaken by decadeshigh inflation and aggressive central bank responses to rein in costs the key sp 500 index is down almost 20 percent over the past year marking its worst showing since 2008 as global equity markets pulled back on central bank rate hikes this has raised fears of a recession with the federal reserve vowing to stay the course on curbing inflation until the job is done shortly after trading began on friday the dow jones industrial average lost 06 percent to 3302798 the broadbased sp 500 shed 08 percent to 381905 while the techrich nasdaq composite index slumped 12 percent to 1035607 global growth slowed sharply through 2022 said stephen innes managing partner at spi asset management in a note this came on the back of policy tightening chinas protracted covid19 restrictions and an energy supply shock from russias invasion of ukraine and now we head into 2023 with most of wall street telling investors that the global economy will grow below trend enter a mild recession and experience a bumpy reopening in china he said these are hardly the things that stock market dreams are made of innes added but analysts expect the worst of federal reserve rate hikes which have sent jitters across markets to be over i think the fed will be successful and 2023 will feel like a more normal year said maris ogg of tower bridge advisors