Investors remained sour for the second straight day on Friday as they continued to digest comments from Federal Reserve Chair Jerome Powell about the prospect of rapidly rising interest rates. The action caused broad indices to revisit their mid-March lows:
The Dow Jones Industrial Average DJIA, -2.82%, fell 981.36 points (or 2.8%) to close at 33,811.40, its lowest close since March 15. The Dow fell 1.9% this week; for 2022 it is now down 7%. (All price changes in this article exclude dividends.)
The S&P 500 SPX, -2.77%, fell 2.8% on Friday, also hitting its lowest close since March 15. The US benchmark index fell 2.8% on the week and is now down 10.4% for 2022.
The Nasdaq Composite Index COMP, -2.55%, fell 2.5% on Friday to its lowest level since March 14. The Nasdaq fell 3.8% on the week. It’s down 17.9% this year.
Read: Fed Chair Powell calls for faster rate hikes
Breakdown of the S&P 500
The worst-performing stock among the S&P 500 this week was Netflix Inc. NFLX, -1.24%, which fell 35% on Thursday after estimating it would lose $2 million in subscribers in the second quarter . Netflix ended the week down 37%.
Read: This calculation shows why Netflix’s stock price could fall to $121
All but two of the 11 sectors of the S&P 500 were down this week, led by communications services that include Netflix:
| S&P 500 sector | Price change – April 15th to April 22nd | Price Change – April 22nd | Price change – 2022 | Price change – 2021 |
communication services | -7.7% | -3.3% | -22.8% | 20.5% |
energy | -4.6% | -2.4% | 37.2% | 47.7% |
materials | -3.7% | -3.7% | -5.5% | 25.0% |
health care | -3.6% | -3.6% | -5.3% | 24.2% |
information technology | -2.5% | -2.8% | -17.9% | 33.4% |
Utilities | -2.4% | -1.7% | 3.8% | 14.0% |
finance | -2.0% | -3.0% | -7.5% | 32.5% |
Consumer Discretionary | -1.8% | -2.4% | -14.3% | 23.7% |
Industry | -1.6% | -2.5% | -7.0% | 19.4% |
consumer goods | 0.4% | -1.6% | 2.9% | 15.6% |
property | 1.2% | -1.8% | -4.9% | 42.5% |
S&P500 | -2.8% | -2.8% | -10.4% | 26.9% |
Source: FactSet | ||||
The communications services sector remains the worst performing sector so far in 2022.
Here are the 15 worst performers of the week across the S&P 500:
| company | ticker | sector | Price change – April 15th to April 22nd | Price Change – April 22nd | Price change – 2022 | Price change – 2021 |
Netflix Inc. | NLX, -1.24% | communication services | -36.8% | -1.2% | -64.2% | 11.4% |
Enphase Energy Inc. | ENPH, -1.87% | information technology | -19.4% | -1.9% | -16.0% | 4.3% |
HCA Healthcare Inc | HCA, -21.82% | health care | -19.3% | -21.8% | -18.0% | 56.2% |
Warner Bros. Discovery Inc. Series A | WBD, -4.10% | communication services | -17.3% | -4.1% | -12.6% | -21.8% |
Dentsply Sirona Inc. | X-RAY, -2.71% | health care | -16.5% | -2.7% | -26.6% | 6.6% |
SolarEdge Technologies Inc. | SEDG, -1.01% | information technology | -16.3% | -1.0% | -10.3% | -12.1% |
Match Group Inc. | MTCH, -0.46% | communication services | -16.1% | -0.5% | -41.6% | -12.5% |
PayPal Holdings Inc. | PYPL, -3.77% | information technology | -15.9% | -3.8% | -54.4% | -19.5% |
Moderna Inc. | mRNA, -2.88% | health care | -15.2% | -2.9% | -44.7% | 143.1% |
Charles Schwab Corp | HEAVY, -4.03% | finance | -15.0% | -4.0% | -16.4% | 58.6% |
Etsy Inc. | ETSY, -3.32% | Consumer Discretionary | -15.0% | -3.3% | -55.1% | 23.1% |
Freeport McMoRan Inc. | FCX, -6.76% | materials | -14.8% | -6.8% | 0.4% | 60.4% |
Paramount Global Class B | PARA, -3.93% | communication services | -14.7% | -3.9% | 2.8% | -19.0% |
Baker Hughes Company Class A | BKR, -2.16% | energy | -13.6% | -2.2% | 33.8% | 15.4% |
Meta Platforms Inc. Class A | FB, -2.11% | communication services | -12.4% | -2.1% | -45.3% | 23.1% |
Source: FactSet | ||||||
Click on the tickers to learn more about each company, including full coverage of news that may have contributed to their decline this week.
You should also read Tomi Kilgore’s in-depth guide to the wealth of information available for free on MarketWatch’s price page.
Looking at this week’s list of worst performers, two other streaming service companies were hit hard — newly formed Warner Brothers Discovery Inc. WBD, -4.10%, which launched the CNN+ service less than a month after its launch shuts down, and Paramount Global PARA, -3.93%, streaming via Paramount+.
But several other companies that publish numbers of users or participants in their quarterly financial news fell notably, including Match Group Inc. MTCH, -0.46%, PayPal Holdings Inc. PYPL, -3.77%, Etsy Inc. ETSY , -3.32% and Facebook’s holding company Meta Platforms Inc. FB, -2.11%.
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