The S&P 500 was 0.7% lower Friday, leaving it down 19.9% for the year. Corporate bonds had a miserable 2022, too: The return on bonds issued by S&P 500 companies was -14.2% this year. The Bloomberg Aggregate US Bond Index had its worst year since the index’s inception in 1977, according to FactSet. Excluding energy, S&P 500 earnings would fall 1.8% this year, Butters predicted. Occidental Petroleum has been the biggest gainer of the year in the S&P 500, up 122% year-to-date.

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