Another tough week for US equities ended with oil producer stocks falling and Ford Motor Co. falling on concerns about supply shortages.
The S&P 500 SPX
fell 1.7% on Friday for a 4.6% drop over the week as investors continued to worry about interest rate hikes from the Federal Reserve to temper inflation.
Among the constituents of the benchmark, all but 17 posted declines for the week. West Texas Intermediate crude oil for November delivery CL
fell nearly 6% to settle at $78.74 a barrel on the New York Mercantile Exchange, for a 7.1% drop in one week.
Lily: US oil prices fall below $80 a barrel to their lowest level since January on fears of recession
“The macro environment is really bad” for oil prices, according to Gabelli analyst Simon Wong. During an interview, Wong said that the strong dollar makes oil, which is priced in dollars, more expensive for other countries and hurts demand for crude oil. The energy sector had the worst performance of the bad week, as you can see below.
Eight of the 20 S&P 500 stocks that fell the most during the week belonged to the energy sector:
| Company | Teleprinter | Industry | Price change – one week until September 23 | Price Change – September 23 | Price change – 2022 |
|
Caesars Entertainment Inc. |
CZR |
Casinos/Gaming |
-21.5% |
-6.0% |
-62.2% |
|
APA Corp. |
WHAT |
Integrated oil |
-18.8% |
-11.4% |
22.2% |
|
Carnival Corp. |
CCA |
Hotels/ Resorts/ Cruise Lines |
-16.8% |
-7.2% |
-55.5% |
|
SolarEdge Technologies Inc. |
SEDG |
Electrical products |
-16.7% |
-4.5% |
-7.8% |
|
Marathon Oil Corp. |
MRO |
Oil and gas production |
-16.5% |
-10.9% |
33.4% |
|
Ford Motor Co. |
F |
Motor vehicles |
-16.3% |
-3.6% |
-40.7% |
|
Iron Mountain Inc. |
IBD |
Real estate investment trusts |
-15.7% |
-2.8% |
-10.9% |
|
Catalent Inc. |
CTLT |
Pharmaceutical: major |
-15.4% |
-3.7% |
-40.6% |
|
Charter Communications Inc. Class A |
CHTR |
Cable/Satellite TV |
-14.8% |
-3.7% |
-50.7% |
|
Match Group Inc. |
MTCH |
Internet Software/Services |
-14.6% |
-2.6% |
-64.2% |
|
Hess Corp. |
IT IS |
Oil and gas production |
-14.0% |
-8.6% |
41.3% |
|
Live Nation Entertainment Inc. |
LIE |
Movies/Entertainment |
-13.9% |
-2.9% |
-37.1% |
|
Devon Energy Corp. |
NDV |
Integrated oil |
-13.7% |
-8.6% |
31.0% |
|
Steris PLC |
IS |
Medical Specialties |
-13.6% |
-5.4% |
-31.3% |
|
Ball Corp. |
BALL |
Containers/Packaging |
-13.3% |
-0.2% |
-49.0% |
|
Diamondback Energy Inc. |
CROC |
Oil and gas production |
-13.1% |
-9.0% |
6.8% |
|
PENN Entertainment Inc. |
PENN |
Casinos/Gaming |
-12.9% |
-0.5% |
-48.7% |
|
Halliburton Co. |
HAL |
Oilfield Services/Equipment |
-12.8% |
-8.7% |
7.5% |
|
Pioneer Natural Resources Co. |
PXD |
Oil and gas production |
-12.7% |
-7.8% |
14.9% |
|
ONEOK inc. |
GREAT |
Oil and gas pipelines |
-12.4% |
-8.4% |
-10.2% |
|
Source: FactSet |
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Click the tickers to learn more about each company, including news coverage, financials and charts. Then read Tomi Kilgore’s in-depth guide to the wealth of information available for free on MarketWatch’s quote pages.
Ford F Stock
fell another 3.6% on Friday for a one-week drop of 16.5%, after the Wall Street Journal reported that the company delayed delivery of some vehicles because it did not have enough blue oval badges to put on it. This followed Ford’s warning on Monday that it would end the third quarter with more unfinished vehicles than it had previously expected.
Read more: Ford announces leadership changes as it accelerates ‘Ford+’ growth plan and strengthens supply chain operations
Energy slides but stays ahead for 2022
The S&P 500 energy sector fell the most over the week, but remains one of only two sectors to post gains for 2022:
| S&P 500 sector | Price change – one week | Price Change – September 23 | Price change – 2022 |
|
Energy |
-9.0% |
-6.7% |
28.4% |
|
Consumer Discretionary |
-7.0% |
-2.3% |
-28.6% |
|
Immovable |
-6.4% |
-1.3% |
-27.6% |
|
Materials |
-5.7% |
-2.0% |
-24.3% |
|
finance |
-5.6% |
-1.5% |
-20.5% |
|
Communication Services |
-5.1% |
-1.8% |
-37.5% |
|
Industrial |
-4.5% |
-1.9% |
-19.8% |
|
Computer science |
-3.6% |
-1.4% |
-29.0% |
|
Health care |
-3.4% |
-0.5% |
-12.9% |
|
Utilities |
-3.0% |
-1.2% |
0.3% |
|
Basic consumption |
-2.1% |
-1.7% |
-9.9% |
|
S&P500 |
-4.6% |
-1.7% |
-22.5% |
|
Source: FactSet |
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Don’t miss: Tesla, Take-Two and Exxon are among the exceptions to this big problem for stock prices
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