U.S. stocks sputtered Friday to close out the week in the red. The day’s declines of less than 1% for the broad indexes paled against Tuesday’s, when they sank 4% to 5%.
For the week, the Dow Jones Industrial Average
DJIA,
was down 1,329 points (or 4.1%), closing Friday at 30,822. The benchmark S&P 500
SPX,
pulled back 4.8% for the week, while the Nasdaq Composite Index
COMP,
gave up 5.5%.
Investors have been jittery, reacting to any sign of continuing consumer price increases or economic strength heading into the Federal Open Market Committee’s meeting on Sept. 20-21. The FOMC will make a policy announcement on Wednesday, Sept. 21, followed by Federal Reserve Chairman Jerome Powell’s press conference.
See MarketWatch’s Weekend Reads for a preview of what to expect from the Federal Reserve.
Read: The next financial crisis may already be brewing — but not where investors might expect
Among the S&P 500, 95% of stocks ended the week with declines. On Friday, the highest-profile loser was FedEx Corp., whose shares FDX dropped 21% for the session after the company issued a profit warning, citing weakening business conditions.
Reaction to FedEx:
The week’s worst decliners among the S&P 500
Here’s how the 11 sectors of the S&P 500 fared for the week, sorted by how much they declined:
| Index | Price change – 1 week | Price change – 2022 |
| Materials | -6.7% | -19.8% |
| Real Estate | -6.5% | -22.6% |
| Communication Services | -6.4% | -34.2% |
| Industrials | -6.4% | -16.0% |
| Information Technology | -6.1% | -26.3% |
| Consumer Discretionary | -4.2% | -23.2% |
| Utilities | -3.8% | 3.4% |
| Financials | -3.8% | -15.8% |
| Consumer Staples | -3.6% | -8.0% |
| Energy | -2.6% | 41.1% |
| Health Care | -2.4% | -9.9% |
| S&P 500 | -4.8% | -18.7% |
| Source: FactSet | ||
Here are the 20 companies in the S&P 500 whose stocks showed the largest declines for the week:
| Company | Ticker | Price change – one week through Sept. 16 | Price change – Sept. 16 | Price change – 2022 | Decline from 52-week intraday high | Date of 52-week intraday high |
| Adobe Inc. |
ADBE, |
-24.1% | -3.1% | -47.2% | -57.2% | 11/22/2021 |
| FedEx Corp. |
FDX, |
-23.0% | -21.4% | -37.7% | -39.6% | 01/05/2022 |
| Nucor Corp. |
NUE, |
-18.4% | -0.2% | 2.6% | -37.7% | 04/21/2022 |
| WestRock Co. |
WRK, |
-16.3% | -11.5% | -23.0% | -37.7% | 05/05/2022 |
| Generac Holdings Inc. |
GNRC, |
-15.9% | -4.1% | -43.2% | -61.8% | 11/02/2021 |
| International Paper Co. |
IP, |
-15.6% | -11.2% | -25.0% | -37.7% | 10/13/2021 |
| Eastman Chemical Co. |
EMN, |
-15.5% | -2.7% | -34.6% | -38.9% | 01/19/2022 |
| Packaging Corp. of America |
PKG, |
-15.4% | -11.0% | -13.3% | -29.9% | 04/21/2022 |
| Western Digital Corp. |
WDC, |
-15.0% | -1.5% | -42.9% | -46.3% | 01/05/2022 |
| West Pharmaceutical Services Inc. |
WST, |
-14.5% | -2.1% | -42.8% | -43.6% | 12/27/2021 |
| SVB Financial Group |
SIVB, |
-14.3% | -4.4% | -46.6% | -52.5% | 11/16/2021 |
| Meta Platforms Inc. Class A |
META, |
-13.5% | -2.2% | -56.5% | -61.3% | 09/15/2021 |
| Prologis Inc. |
PLD, |
-12.3% | -2.2% | -32.5% | -34.9% | 04/21/2022 |
| Mohawk Industries Inc. |
MHK, |
-12.2% | -1.3% | -45.2% | -49.9% | 10/28/2021 |
| Sealed Air Corp. |
SEE, |
-12.0% | -4.2% | -27.9% | -31.2% | 03/29/2022 |
| Duke Realty Corp. |
DRE, |
-12.0% | -2.1% | -17.9% | -18.6% | 12/31/2021 |
| Bio-Rad Laboratories Inc. Class A |
BIO, |
-11.9% | -5.1% | -40.6% | -44.4% | 09/15/2021 |
| Lumen Technologies Inc. |
LUMN, |
-11.7% | -1.8% | -29.9% | -39.3% | 11/05/2021 |
| T. Rowe Price Group |
TROW, |
-11.5% | -1.7% | -44.0% | -50.7% | 11/05/2021 |
| Bio-Techne Corp. |
TECH, |
-11.3% | -2.8% | -40.5% | -43.4% | 09/23/2021 |
| Source: FactSet | ||||||
Adobe Inc. suffered the worst one-week decline in 20 years for its share price, as analysts questioned the timing and the price of its dilutive deal to acquire Figma.
Here’s an interesting look at how far Meta Platforms Inc.
META,
has fallen this year, incorporating the company’s own bleak outlook.
Don’t miss: These 20 stocks have short interest of 19% or more, and AMC and GameStop are not even in the top half
Hear from Ray Dalio at MarketWatch’s Best New Ideas in Money Festival on Sept. 21 and 22 in New York. The hedge-fund pioneer has strong views on where the economy is headed.
