U.S. stock indexes had a dismal 2022 with the S&P 500 slumping almost 20%, as the Federal Reserve battled soaring inflation with aggressive interest rate hikes that roiled markets. Pershing Square Capital Management in 2022 lost 8.8% of its net asset value its worst result since 2016, while its share price fell 14.6%, the presentation dated Feb. 9 showed.