A drop in gasoline prices couldn’t mask the problem that spooked investors on September 13: core consumer prices resumed their rapid rise in August.
Fear of the Federal Reserve’s continued monetary policy tightening to fight inflation sent the Dow Jones Industrial Average DJIA
down 1,276 points (or 3.9%) to 31,104, with all 30 components posting declines as selling activity increased at the end of the trading session. This is the largest drop since June 2020.
The benchmark S&P 500 SPX index
fell 4.3%, with all but six component stocks down for the day. The Nasdaq COMP Composite Index
fared even worse with a 5.2% decline, reflecting the sell-off in tech-focused stocks.
In total, this is the worst one-day drop for all three indices since June 11, 2020.
The Nasdaq-100 NDX Index
fell 5.5%, with every component stock ending in the red.
Lily: US inflation rebounds in August, CPI shows, despite falling gasoline prices
Nvidia Corp. NVDA
and Meta Platforms Inc. META
led the plunge of the largest technology-focused companies in the S&P 500, each slipping 9.4%, followed by Advanced Micro Devices Inc. AMD,
which fell 8.8%.
The five largest S&P 500 companies by market capitalization lost $477 billion in value, as you can see here:
| Company | Teleprinter | Market cap – closes September 13 ($millions) | Market cap change – September 13 ($millions) | Change in market capitalization – 2022 ($millions) | Price Change – September 13 | Price change – 2022 |
|
Apple Inc. |
AAPL |
$2,472,164 |
-$154,279 |
-$441,120 |
-5.9% |
-13.4% |
|
Microsoft Corp. |
MSFT |
$1,881,179 |
-$107,468 |
-$643,905 |
-5.4% |
-25.0% |
|
Amazon.com Inc. |
AMZN |
$1,291,171 |
-$98,921 |
-$399,832 |
-7.1% |
-24.0% |
|
Alphabet Inc. Class A |
GOOGL |
$1,268,670 |
-$79,277 |
-$647,237 |
-5.9% |
-28.0% |
|
Tesla Inc. |
TSLA |
$916,603 |
-$37,288 |
-$144,684 |
-3.9% |
-17.0% |
| Totals | $7,829,786 | -$477,234 | -$2,276,778 | |||
|
Source: FactSet |
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The S&P 500’s Worst Declines
Of the six S&P 500 stocks that did not decline on September 13, the best performer was Twitter Inc. TWTR,
which rose 0.8% after the company’s shareholders approved Tesla CEO Elon Musk’s disputed takeover bid. Twitter’s stock is now down 39% from its 52-week intraday high on October 20, 2021.
Here are the 20 worst performers in the large-cap benchmark for the day:
| Company | Teleprinter | Price Change – September 13 | Price change – 2022 | Decline from 52-week intraday high | Date of 52-week intraday high |
|
Eastman Chemical Co. |
REM |
-11.1% |
-30.2% |
-34.8% |
01/19/2022 |
|
Nvidia Corp. |
NVDA |
-9.4% |
-55.3% |
-62.1% |
22/11/2021 |
|
Meta Platforms Inc. Class A |
META |
-9.4% |
-54.5% |
-60.1% |
09/10/2021 |
|
Lumen Technologies Inc. |
LUMN |
-9.1% |
-27.1% |
-36.8% |
05/11/2021 |
|
Western Digital Corp. |
WDC |
-9.1% |
-39.7% |
-43.3% |
05/01/2022 |
|
Advanced Micro Devices Inc. |
AMD |
-8.8% |
-46.4% |
-53.1% |
30/11/2021 |
|
Caesars Entertainment Inc. |
CZR |
-8.7% |
-51.3% |
-62.0% |
01/10/2021 |
|
Whirlpool Corp. |
WHR |
-8.5% |
-37.6% |
-40.4% |
05/01/2022 |
|
Generac Management Inc. |
GNRC |
-8.2% |
-39.3% |
-59.3% |
02/11/2021 |
|
NXP Semiconductors AG |
NXPI |
-8.2% |
-31.8% |
-35.3% |
07/12/2021 |
|
Capital One Financial Corp. |
COF |
-8.0% |
-30.4% |
-42.2% |
21/10/2021 |
|
Synchrony Financial |
SYF |
-7.9% |
-31.9% |
-39.8% |
10/19/2021 |
|
Lennar Corp. Class A |
LEN |
-7.9% |
-36.1% |
-36.8% |
13/12/2021 |
|
Align Technology Inc. |
ALGN |
-7.8% |
-62.4% |
-66.5% |
09/23/2021 |
|
Netflix Inc. |
NFLX |
-7.8% |
-63.8% |
-68.9% |
17/11/2021 |
|
Qorvo Inc. |
QRVO |
-7.8% |
-44.9% |
-53.1% |
09/14/2021 |
|
Franklin Resources Inc. |
Well |
-7.6% |
-26.2% |
-35.4% |
02/11/2021 |
|
Micron Technology Inc. |
IN |
-7.4% |
-42.4% |
-45.5% |
05/01/2022 |
|
BlackRock Inc. |
noir |
-7.3% |
-29.5% |
-33.7% |
11/12/2021 |
|
Paramount Global Category B |
FOR |
-7.3% |
-25.5% |
-45.4% |
09/28/2021 |
|
Source: FactSet |
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Click on the tickers to learn more about each company. Click here for Tomi Kilgore’s in-depth guide to the wealth of information available for free on MarketWatch’s quote pages.
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