Only 5 S&P 500 stocks end higher after Powell’s sobering speech in Jackson Hole

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Aug 26, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Only 5 S&P 500 stocks end higher after Powell's sobering speech in Jackson Hole

It only took a 10-minute speech by Federal Reserve Chairman Jerome Powell on Friday to make it clear that monetary policy will be tightened relentlessly in the coming months. Investors dumped stocks, sending the S&P 500 down 3.4 percent after two days of gains.

Only five stocks in the S&P 500
SPX,
-3.37%

were on Friday:

Company

Ticker

Price change – 26 Aug

Price change – 2022

Down from 52-week intraday high

Date of intraday 52-week high

Electronic Arts Inc.

EA,
+3.57%

3.57%

0.2%

-10.6%

09/02/2021

Molina Healthcare Inc.

MOH,
+3.36%

3.36%

6.4%

-6.3%

26/08/2022

Take-Two Interactive Software Inc.

TTWO,
+1.59%

1.59%

-28.3%

-34.9%

05.11.2021

CF Industries Holdings Inc.

CF,
+0.81%

0.81%

67.2%

-1.0%

26/08/2022

ConocoPhillips

COP,
+0.04%

0.04%

55.3%

-9.6%

06/08/2022

Source: FactSet

In his speech at the Jackson Hole Economic Symposium on Friday morning, Powell said the Federal Reserve’s actions to control inflation would lead to “some pain for households and businesses.”

He also addressed speculation that indications of easing rate hikes in July could prompt the Fed to slow its pace of rate hikes, saying he still sees “strong underlying momentum” in the US economy.

Read: The Fed is not rolling. Why are stock investors the last to know?

The Dow Jones Industrial Average
DJIA,
-3.03%

fell 3% to close at 32,283. The Nasdaq Composite Index
comp,
-3.94%

fell 3.9% to 12,142.

Among the S&P 500, 43% of stocks were down at least 4% on Friday. Here are the 10 worst performers for the day, which shaved off a total of $63.8 billion in market capitalization for the session:

Company

Ticker

Price change – 26 Aug

Change in Market Cap – Aug 26 ($mil)

Price change – 2022

Down from 52-week intraday high

Date of intraday 52-week high

3M Co.

Mmm,
-9.54%

-9.5%

-$7,758

-27.3%

-34.5%

30/08/2021

Nvidia Corp.

NVDA,
-9.23%

-9.2%

-$41,325

-44.7%

-53.1%

22.11.2021

HP Inc.

HPQ,
-8.94%

-8.9%

-$3185

-16.7%

-24.3%

04/07/2022

Align Technology Inc.

ALGN,
-7.52%

-7.5%

-1604 dollars

-61.6%

-65.8%

23/09/2021

Monolithic Power Systems Inc.

-7.3%

-1769 dollars

-3.4%

-17.8%

22.11.2021

Hewlett Packard Enterprise Co.

HPE,
-7.22%

-7.2%

-$1390

-12.7%

-22.5%

10/02/2022

Dollar Tree Inc.

DLTR,
-6.92%

-6.9%

-$2315

-1.3%

-21.7%

21/04/2022

ON Semiconductor Corp.

ON,
-6.69%

-6.7%

-$2,223

5.4%

-6.8%

25/08/2022

Zebra Technologies Corp. Class A

ZBRA,
-6.66%

-6.7%

-$1138

-48.2%

-49.9%

12/10/2021

VF Corp.

VFC,
-6.56%

-6.6%

-$1123

-43.8%

-47.8%

11/16/2021

Source: FactSet

Click on the tickers for more information on each company, including news that drove prices lower on Friday. Then Read it Tommy Kilgore’s detailed guide to the wealth of information available for free on MarketWatch’s quote pages.

Do not miss: These dividend stocks can protect you while the Federal Reserve slows the economy

Hear from Ray Dalio at MarketWatch’s The best new ideas in the money festival on September 21 and 22 in New York. The hedge fund pioneer has strong views on where the economy is headed.

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