US stocks trade mixed to begin final trading week of 2022 as China further reopens economy

• US indexes traded mixed Tuesday, with China saying it would reopen its borders next month.
• Some data suggest China has already seen a dramatic spike in COVID-19 cases amid the nation's reopening plans.

US stocks traded mixed on Tuesday to kick off the final trading week of the year as investors continue to wait for the traditional "Santa Claus rally" to kick in.

Chinese stocks ticked higher as Beijing announced it would reopen its borders next month as part of broader plans to loosen restrictions on its economy. But some data suggest the country's easing of its zero-COVID policies has already caused a steep uptick in virus cases.

Meanwhile, Tesla stock dropped as it kept its Shanghai factory closed amid a surge in COVID-19 cases. And Southwest Airlines fell after cancelling most of its flights amid a massive winter storm.

The S&P 500 is coming off of three consecutive losing weeks, and the index's 10 biggest losers this year have erased $1.6 trillion in market value. Stocks remain on track for their worst yearly performance in 14 years.

Here's where US indexes stood as the market opened 9:30 a.m. on Tuesday:

• S&P 500: 3,843.07, down 0.05%
• Dow Jones Industrial Average: 33,267.98, up 0.19% (64.05 points)
• Nasdaq Composite: 10,463.57, down 0.33%

Here's what else is going on:

• FTX execs hid $8 billion in liabilities in a customer account that Sam Bankman-Fried referred to as "our Korean friend's account," CFTC prosecutors allege
• A former Watergate prosecutor said SBF should cut a plea deal because an acquittal trial is "virtually impossible"
• Russia is prepared to resume some gas flows via the Yamal-Europe pipeline, a government official said.
• DataTrek Research said the stock market's next bull run won't kick off until these two things happen.
• Wedbush forecasts that tech stocks will jump 20% in 2023 after this year's "horror show"

In commodities, bonds, and crypto:

• Oil prices climbed, with West Texas Intermediate up 0.65% to $80.08 a barrel. Brent crude, the international benchmark, inched higher 0.56% to $84.39 a barrel.
• Gold edged 0.64% higher to $1,815.60 per ounce.
• The 10-year yield climbed 7.7 basis points to 3.824%.
• Bitcoin moved lower 0.14% to $16,814.