U.S. stocks sold off again on Thursday, with CarMax and several vehicle manufacturers and parts makers among the worst performers.
The S&P 500
SPX
fell 2.1% for the session to a new closing low for 2022, with all but 39 stocks showing declines for the day. The benchmark index is down 23.6% for the year.
The Dow Jones Industrial Average
DJIA
fell 1.5%, while the Nasdaq Composite Index
COMP
fared worst, with a 2.8% drop.
Here’s a year-to-date chart showing the sharp reversal of the recovery that had started after the S&P 500’s June 16 low:
FactSet
Shares of CarMax Inc.
KMX
plunged 25% on Thursday, as the used-car giant reported results for its fiscal quarter ended Aug. 31 that missed consensus estimates for sales and earnings among analysts polled by FactSet. The company said its unit sales were hurt by “vehicle affordability challenges that stem from widespread inflationary pressures, as well as climbing interest rates and low consumer confidence.”
Several vehicle manufacturers were among the day’s worst-performing U.S. stocks, including Ford Motor Co.
F,
General Motors Co.
GM
and Tesla Inc.
TSLA.
Parts manufacturers weren’t spared, with BorgWarner Inc.
BWA
and Aptvi PLC
APTV
sinking as well.
Tesla’s AI day is on Sept. 30, during which CEO Elon Musk is expected to tout the company’s “Optimus” robot prototype and the development of its Full Self-Driving (FSD) technology. While he rates Tesla a “buy,” with a price target of $360, Wedbush analyst Dan Ives wrote in a note to clients on Sept. 29 that “Musk has faced skeptics as the Street focuses on driving near-term battery technology enhancements, capacity build outs (Berlin, Austin), and fending off rising EV competition from all angles globally, and not humanoid robots.”
Worst performers among the S&P 500
More than 90% of S&P 500-member companies declined on Thursday. Here are the 20 stocks in the benchmark index that fell the most:
| Company | Ticker | Sept. 29 price change | September price change | 2022 price change | Decline from 52-week intraday high | Date of 52-week intraday high |
| CarMax Inc. | KMX | -24.6% | -26.3% | -50.0% | -58.2% | 11/08/2021 |
| SolarEdge Technologies Inc. | SEDG | -8.3% | -14.6% | -16.0% | -39.6% | 11/22/2021 |
| Royal Caribbean Group | RCL | -7.9% | 6.9% | -43.2% | -55.6% | 11/08/2021 |
| Generac Holdings Inc. | GNRC | -7.1% | -21.0% | -50.5% | -66.8% | 11/02/2021 |
| Carnival Corp. | CCL | -6.8% | -3.2% | -54.5% | -66.1% | 09/28/2021 |
| Tesla Inc. | TSLA | -6.8% | -2.7% | -23.9% | -35.3% | 11/04/2021 |
| Aptiv PLC | APTV | -6.4% | -13.9% | -51.2% | -55.5% | 11/04/2021 |
| Edison International | EIX | -6.3% | -15.2% | -15.8% | -21.6% | 04/21/2022 |
| Advanced Micro Devices Inc. | AMD | -6.2% | -24.4% | -55.4% | -61.0% | 11/30/2021 |
| Boeing Co. | BA | -6.1% | -21.8% | -37.7% | -46.4% | 11/15/2021 |
| Caesars Entertainment Inc. | CZR | -6.0% | -24.8% | -65.3% | -72.9% | 10/01/2021 |
| V.F. Corp. | VFC | -5.8% | -25.8% | -58.0% | -61.0% | 11/16/2021 |
| Ford Motor Co. | F | -5.8% | -24.7% | -44.8% | -55.7% | 01/13/2022 |
| General Motors Co. | GM | -5.6% | -13.0% | -43.3% | -50.5% | 01/05/2022 |
| Lumen Technologies Inc. | LUMN | -5.6% | -25.9% | -41.2% | -49.1% | 11/05/2021 |
| BorgWarner Inc. | BWA | -5.6% | -16.0% | -29.7% | -36.8% | 01/13/2022 |
| Norwegian Cruise Line Holdings Ltd. | NCLH | -5.3% | 6.0% | -33.2% | -52.9% | 11/05/2021 |
| PPL Corp. | PPL | -5.2% | -10.8% | -13.7% | -16.3% | 08/17/2022 |
| Xcel Energy Inc. | XEL | -5.2% | -12.0% | -3.5% | -15.8% | 09/12/2022 |
| Dominion Energy Inc. | D | -5.1% | -13.1% | -9.5% | -20.0% | 04/11/2022 |
| Source: FactSet | ||||||
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