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A drop in gasoline prices could not mask the problem that spooked investors on September 13: Core consumer prices resumed their rapid rise during August.
Fears of the Federal Reserve’s ongoing tightening of monetary policy to fight inflation sent the Dow Jones Industrial Average DJIA,
down 1,276 points (or 3.9%) to 31,104, with all 30 components showing declines as selling activity picked up late in the trading session. It was the biggest drop since June 2020.
Benchmark S&P 500 SPX,
fell 4.3%, with all but six component stocks down for the day. Nasdaq Composite Index COMP,
fared even worse, down 5.2%, reflecting selling in technology-oriented stocks.
Overall, it was the worst one-day decline for the three indexes since June 11, 2020.
Nasdaq-100 index NDX,
fell 5.5%, with every single component stock ending up in the red.
Read: US inflation roars back in August, CPI shows, despite falling gas prices
Nvidia Corp. NVDA,
and Meta Platforms Inc. META,
led the jump for the largest technology-oriented companies in the S&P 500, which each fell 9.4%, followed by Advanced Micro Devices Inc . AMD,
which fell by 8.8 per cent.
The five largest companies in the S&P 500 by market capitalization lost $477 billion in value, as you can see here:
| company | Ticker | Market Value – Closes September 13 ($mil) | Change in Market Value – September 13 ($mil) | Change in market value – 2022 ($mil) | Price change – 13 Sept | 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 |
-US$98,921 |
-$399,832 |
-7.1% |
-24.0% |
|
Alphabet Inc. Class A |
GOOGLE, |
$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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Worst decline in S&P 500
Among the six S&P 500 stocks that did not decline on Sept. 13 were Twitter Inc. TWTR, the unique artist.
which rose 0.8% after the company’s shareholders approved Tesla CEO Elon Musk’s controversial takeover bid. Twitter stock is now down 39% from its 52-week intraday high on October 20, 2021.
Here are the 20 worst performers in today’s benchmark index for large companies:
| company | Ticker | Price change – 13 Sept | Price change – 2022 | Decline from 52-week intraday high | Date of 52-week intraday high |
|
Eastman Chemical Co. |
EMN |
-11.1% |
-30.2% |
-34.8% |
19/01/2022 |
|
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% |
11/05/2021 |
|
Western Digital Corp. |
WDC, |
-9.1% |
-39.7% |
-43.3% |
01/05/2022 |
|
Advanced Micro Devices Inc. |
AMD, |
-8.8% |
-46.4% |
-53.1% |
30/11/2021 |
|
Caesars Entertainment Inc. |
CZR, |
-8.7% |
-51.3% |
-62.0% |
10/01/2021 |
|
Whirlpool Corp. |
WHR, |
-8.5% |
-37.6% |
-40.4% |
01/05/2022 |
|
Generac Holdings Inc. |
GNRC, |
-8.2% |
-39.3% |
-59.3% |
11/02/2021 |
|
NXP Semiconductors NV |
NXPI, |
-8.2% |
-31.8% |
-35.3% |
12/07/2021 |
|
Capital One Financial Corp. |
COF, |
-8.0% |
-30.4% |
-42.2% |
21/10/2021 |
|
Synchrony Financial |
SYF, |
-7.9% |
-31.9% |
-39.8% |
19/10/2021 |
|
Lennar Corp. Class A |
LEN, |
-7.9% |
-36.1% |
-36.8% |
13/12/2021 |
|
Align Technology Inc. |
ALGN, |
-7.8% |
-62.4% |
-66.5% |
23/09/2021 |
|
Netflix Inc. |
nflx, |
-7.8% |
-63.8% |
-68.9% |
17/11/2021 |
|
Qorvo Inc. |
QRVO, |
-7.8% |
-44.9% |
-53.1% |
14/09/2021 |
|
Franklin Resources Inc. |
LEG, |
-7.6% |
-26.2% |
-35.4% |
11/02/2021 |
|
Micron Technology Inc. |
IN |
-7.4% |
-42.4% |
-45.5% |
01/05/2022 |
|
BlackRock Inc. |
black, |
-7.3% |
-29.5% |
-33.7% |
12-11-2021 |
|
Paramount Global Class B |
TO, |
-7.3% |
-25.5% |
-45.4% |
28/09/2021 |
|
Source: FactSet |
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Click on the tickers for more on each company. Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on MarketWatch quote pages.
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Hear from Ray Dalio at MarketWatch’s Best New Ideas in 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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