It took solely a 10-minute speech from Federal Reserve Chairman Jerome Powell on Friday to make clear that financial coverage could be relentlessly tightened within the months forward. Investors dumped shares, sending the S&P 500 Index down 3.4% following two days of positive factors.
Only 5 shares within the S&P 500
SPX,
-3.37%
had been up on Friday:
Company
Ticker
Price change – Aug. 26
Price change – 2022
Decline from 52-week intraday excessive
Date of 52-week intraday excessive
Electronic Arts Inc.
EA,
+3.57%
3.57%
0.2%
-10.6%
09/02/2021
Molina Healthcare Inc.
MOH,
+3.36%
3.36%
6.4%
-6.3%
08/26/2022
Take-Two Interactive Software Inc.
TTWO,
+1.59%
1.59%
-28.3%
-34.9%
11/05/2021
CF Industries Holdings Inc.
CF,
+0.81%
0.81%
67.2%
-1.0%
08/26/2022
ConocoPhillips
COP,
+0.04%
0.04%
55.3%
-9.6%
06/08/2022
Source: FactSet
In his speech on the Jackson Hole financial symposium Friday morning, Powell mentioned the Federal Reserve’s actions to regulate inflation would carry “some pain to households and businesses.”
He additionally addressed hypothesis that indications of a softening of worth will increase in July may trigger the Fed to sluggish its tempo for interest-rate will increase by saying he nonetheless noticed “strong underlying momentum” within the U.S. economic system.
Read: The Fed isn’t pivoting. Why had been inventory buyers the final to know?
The Dow Jones Industrial Average
DJIA,
-3.03%
fell 3% to shut at 32,283. The Nasdaq Composite Index
COMP,
-3.94%
slumped 3.9% to 12,142.
Among the S&P 500, 43% of shares had been down no less than 4% on Friday. Here are the day’s 10 worst performers, which lopped off a mixed $63.8 billion in market capitalization for the session:
Company
Ticker
Price change – Aug. 26
Change in market cap – Aug. 26 ($mil)
Price change – 2022
Decline from 52-week intraday excessive
Date of 52-week intraday excessive
3M Co.
MMM,
-9.54%
-9.5%
-$7,758
-27.3%
-34.5%
08/30/2021
Nvidia Corp.
NVDA,
-9.23%
-9.2%
-$41,325
-44.7%
-53.1%
11/22/2021
HP Inc.
HPQ,
-8.94%
-8.9%
-$3,185
-16.7%
-24.3%
04/07/2022
Align Technology Inc.
ALGN,
-7.52%
-7.5%
-$1,604
-61.6%
-65.8%
09/23/2021
Monolithic Power Systems Inc.
-7.3%
-$1,769
-3.4%
-17.8%
11/22/2021
Hewlett Packard Enterprise Co.
HPE,
-7.22%
-7.2%
-$1,390
-12.7%
-22.5%
02/10/2022
Dollar Tree Inc.
DLTR,
-6.92%
-6.9%
-$2,315
-1.3%
-21.7%
04/21/2022
ON Semiconductor Corp.
ON,
-6.69%
-6.7%
-$2,223
5.4%
-6.8%
08/25/2022
Zebra Technologies Corp. Class A
ZBRA,
-6.66%
-6.7%
-$1,138
-48.2%
-49.9%
12/10/2021
V.F. Corp.
VFC,
-6.56%
-6.6%
-$1,123
-43.8%
-47.8%
11/16/2021
Source: FactSet
Click on the tickers for extra about every firm, together with information that drove costs decrease on Friday. Then learn Tomi Kilgore’s detailed information to the wealth of data accessible without cost on MarketWatch quote pages.
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