US stocks spat on Friday to end the week in the red. The day’s declines of less than 1% for the broad indices paled in comparison to Tuesday’s, when they fell 4% to 5%.
For the week, the Dow Jones Industrial Average DJIA,
was down 1,329 points (or 4.1%), closing Friday at 30,822. The benchmark S&P 500 SPX,
fell 4.8% for the week, while the Nasdaq Composite Index COMP,
lost 5.5%.
Investors were nervous, reacting to any signs of continued consumer price increases or economic strength ahead of the Federal Open Market Committee meeting on September 20-21. The FOMC will make a policy announcement on Wednesday, September 21, followed by Federal Reserve Chairman Jerome Powell’s press conference.
See MarketWatch’s weekend readings for an overview of what to expect from the Federal Reserve.
Lily: The next financial crisis may already be brewing, but not where investors might expect it
Among the S&P 500, 95% of stocks ended the week down. The most visible loser on Friday was FedEx Corp., whose FDX shares fell 21% for the session after the company issued a profit warning, citing weakening trading conditions.
Response to FedEx:
The worst declines of the week among the S&P 500
Here’s how the 11 sectors of the S&P 500 fared for the week, sorted by decline:
| Index | Price change – 1 week | Price change – 2022 |
|
Materials |
-6.7% |
-19.8% |
|
Immovable |
-6.5% |
-22.6% |
|
Communication Services |
-6.4% |
-34.2% |
|
Industrial |
-6.4% |
-16.0% |
|
Computer science |
-6.1% |
-26.3% |
|
Consumer Discretionary |
-4.2% |
-23.2% |
|
Utilities |
-3.8% |
3.4% |
|
finance |
-3.8% |
-15.8% |
|
Basic consumption |
-3.6% |
-8.0% |
|
Energy |
-2.6% |
41.1% |
|
Health care |
-2.4% |
-9.9% |
| S&P500 | -4.8% | -18.7% |
|
Source: FactSet |
||
Here are the 20 S&P 500 companies whose stocks posted the biggest declines of the week:
| Company | Teleprinter | Price change – one week until September 16 | Price Change – September 16 | Price change – 2022 | Decline from 52-week intraday high | Date of 52-week intraday high |
|
Adobe Inc. |
ADBE, |
-24.1% |
-3.1% |
-47.2% |
-57.2% |
22/11/2021 |
|
FedEx Corp. |
FDX, |
-23.0% |
-21.4% |
-37.7% |
-39.6% |
05/01/2022 |
|
Nucor Corp. |
NUDE, |
-18.4% |
-0.2% |
2.6% |
-37.7% |
04/21/2022 |
|
West Rock Co. |
WRC, |
-16.3% |
-11.5% |
-23.0% |
-37.7% |
05/05/2022 |
|
Generac Management Inc. |
GNRC, |
-15.9% |
-4.1% |
-43.2% |
-61.8% |
02/11/2021 |
|
International Paper Co. |
IPs, |
-15.6% |
-11.2% |
-25.0% |
-37.7% |
10/13/2021 |
|
Eastman Chemical Co. |
REM |
-15.5% |
-2.7% |
-34.6% |
-38.9% |
01/19/2022 |
|
Packaging Corp. from america |
PKG, |
-15.4% |
-11.0% |
-13.3% |
-29.9% |
04/21/2022 |
|
Western Digital Corp. |
WDC, |
-15.0% |
-1.5% |
-42.9% |
-46.3% |
05/01/2022 |
|
West Pharmaceutical Services Inc. |
WST, |
-14.5% |
-2.1% |
-42.8% |
-43.6% |
27/12/2021 |
|
SVB Financial Group |
SIVB, |
-14.3% |
-4.4% |
-46.6% |
-52.5% |
16/11/2021 |
|
Meta Platforms Inc. Class A |
META, |
-13.5% |
-2.2% |
-56.5% |
-61.3% |
09/15/2021 |
|
Prologis inc. |
PLD, |
-12.3% |
-2.2% |
-32.5% |
-34.9% |
04/21/2022 |
|
Mohawk Industries Inc. |
MHK, |
-12.2% |
-1.3% |
-45.2% |
-49.9% |
28/10/2021 |
|
Sealed Air Corp. |
SEE, |
-12.0% |
-4.2% |
-27.9% |
-31.2% |
03/29/2022 |
|
Duke Realty Corp. |
DR, |
-12.0% |
-2.1% |
-17.9% |
-18.6% |
31/12/2021 |
|
Bio-Rad Laboratories Inc. Class A |
ORGANIC, |
-11.9% |
-5.1% |
-40.6% |
-44.4% |
09/15/2021 |
|
Lumen Technologies Inc. |
LUMN, |
-11.7% |
-1.8% |
-29.9% |
-39.3% |
05/11/2021 |
|
T. Rowe Prize Group |
TRUE, |
-11.5% |
-1.7% |
-44.0% |
-50.7% |
05/11/2021 |
|
Bio-Techne Corp. |
TECHNOLOGY, |
-11.3% |
-2.8% |
-40.5% |
-43.4% |
09/23/2021 |
|
Source: FactSet |
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Adobe Inc. suffered the worst one-week decline in 20 years for its share price, with analysts questioning the timing and price of its dilutive deal to acquire Figma.
Here is an interesting insight into the extent to which Meta Platforms Inc. META,
fell this year, incorporating the bleak outlook for the business.
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