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,
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% |
0.2% |
-10.6% |
09/02/2021 |
|
Molina Healthcare Inc. |
MOH, |
3.36% |
6.4% |
-6.3% |
26/08/2022 |
|
Take-Two Interactive Software Inc. |
TTWO, |
1.59% |
-28.3% |
-34.9% |
05.11.2021 |
|
CF Industries Holdings Inc. |
CF, |
0.81% |
67.2% |
-1.0% |
26/08/2022 |
|
ConocoPhillips |
COP, |
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,
fell 3% to close at 32,283. The Nasdaq Composite Index
comp,
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, |
-9.5% |
-$7,758 |
-27.3% |
-34.5% |
30/08/2021 |
|
Nvidia Corp. |
NVDA, |
-9.2% |
-$41,325 |
-44.7% |
-53.1% |
22.11.2021 |
|
HP Inc. |
HPQ, |
-8.9% |
-$3185 |
-16.7% |
-24.3% |
04/07/2022 |
|
Align Technology Inc. |
ALGN, |
-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, |
-7.2% |
-$1390 |
-12.7% |
-22.5% |
10/02/2022 |
|
Dollar Tree Inc. |
DLTR, |
-6.9% |
-$2315 |
-1.3% |
-21.7% |
21/04/2022 |
|
ON Semiconductor Corp. |
ON, |
-6.7% |
-$2,223 |
5.4% |
-6.8% |
25/08/2022 |
|
Zebra Technologies Corp. Class A |
ZBRA, |
-6.7% |
-$1138 |
-48.2% |
-49.9% |
12/10/2021 |
|
VF Corp. |
VFC, |
-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
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