Today’s biggest stock market losers aren’t limited to technology, as economic fears mount

- Advertisement -


Snap Inc. The U.S. management team did not say anything on 23 May, saying that “the macroeconomic environment is deteriorating faster and faster than anticipated.” That prompted the company to say it would miss the low end of its month-old guidance for second-quarter revenue.

- Advertisement -

Those words sent Snap’s SNAP,
-40.39%
Shares fall – They were down 41% in morning trading on May 24.

- Advertisement -

Snap’s warning also helped lead the decline for 90% of the S&P 500 SPX,
-1.93%,
(The S&P Dow Jones Index excludes Snap from its stock index because of its multiple-share-class structure.)

Snap stock falls after company says it will miss estimates due to deteriorating economy

- Advertisement -

Of the 11 sectors of the S&P 500, communications services performed the worst, down 5.6%, while the absolute index was down 2.2%.

Another sign of investors’ flight to safety was buying volume that pushed yields on the 10-year US Treasury note TMUBMUSD10Y,
2.730%
fell 13 basis points to 2.74%.

Here are 15 of the worst-performing stocks among the S&P 500 in early May 24 trading:

company

anchor

Price Change – May 24

Price Change – 2022

Fall from 52-week high

52-week intraday high date

Omnicom Group Inc.

OMC,
-11.46%

-10%

-6.7%

-25.4%

02/10/2022

Meta Platform Inc. class A

fb,
-9.00%

-10%

-47.3%

-53.9%

09/01/2021

Interpublic Group of Companies Inc.

IPG,
-10.32%

-10%

-24.6%

-29.4%

02/09/2022

Carnival Corp.

CCL,
-9.42%

-9%

-40.7%

-62.2%

06/08/2021

Caesars Entertainment Inc.

CZR,
-8.51%

-9%

-52.9%

-63.3%

10/01/2021

Dexcom Inc.

DXCM,
-9.77%

-8%

-44.7%

-55.0%

11/18/2021

Norwegian Cruise Line Holdings Ltd.

NCLH,
-9.34%

-8%

-33.0%

-59.1%

06/09/2021

Warner Bros. Discovery Inc. Series A

wbd,
-6.92%

-8%

-28.3%

-48.5%

05/27/2021

Penn National Gaming Inc.

pen,
-8.47%

-8%

-44.4%

-66.6%

09/08/2021

Alphabet Inc. class A

Google,
-6.38%

-8%

-28.8%

-32.0%

02/02/2022

Royal Caribbean Group

RCL,
-8.13%

-7%

-33.3%

-47.8%

11/08/2021

Generic Holdings Inc.

GNRC,
-5.66%

-7%

-39.3%

-59.2%

11/02/2021

ETC Inc.

ETSY,
-6.56%

-7%

-67.7%

-77.0%

11/26/2021

Modern Inc.

mRNA,
-5.38%

-7%

-49.6%

-74.3%

08/10/2021

MGM Resorts International

mgm,
-6.66%

-7%

-30.1%

-38.7%

11/08/2021

Source: FactSet

More about Snap’s warnings and aftershocks:

Credit: www.marketwatch.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox