Stocks fell Friday on the final day of the market’s worst year since 2008, with the Dow Jones, S&P 500 and Nasdaq Composite all falling.
As of Friday night, the Dow Jones Industrial Average was down nearly 3,500 points year-to-date, down 9.4 percent.
The S&P 500 is also down 957 points this year, with the tech-heavy index down nearly 20 percent, capping a brutal year for the tech industry.
Meanwhile, the Nasdaq fell more than 5,600 points, a drop of almost 34 percent in 2022.
The biggest company to post the biggest losses this year was Tesla, which overtook Meta after its stock plummeted nearly 70 percent after CEO Elon Musk warned employees not to be “bothered by stock market madness.”
Alongside the tech giants, the entertainment industry also experienced severe setbacks this year, with Disney, Netflix and Warner Bros. Discovery leading the slump.
Stocks plummeted on the last trading day of 2022, with the Dow Jones down nearly 3,500 points in the market’s worst year since 2008
The S&P 500 and Nasdaq Composite also saw huge falls this year, falling nearly 20 percent and 34 percent, respectively, capping a tough year for the technology sector
Pictured: Traders on the floor of the New York Stock Exchange hours before the market closes
Along with Tesla, Match Group, the company behind online dating service Match.com, has seen its stock fall 69 percent this year.
The biggest winners and losers of 2023
Winner:
Chevron – up 50.50%
Merck – increase of 44.33%
Traveling businesses – up 20.34%
Caterpillar – 15.50% increase
Amigen – Up 14.90%
Loser:
Telsa – Down 69.54%
Playgroup – 69.09% decrease
Meta – Down 64.84%
PayPal – Down 63.90%
Amazon – down 51.21%
The dating company has only been active in the public dating market since the summer of 2020 and was struggling to gain a foothold at the height of the pandemic.
Facebook parent Meta Platforms and PayPal have also seen the biggest falls this year, which has hit the tech industry particularly hard due to supply chain bottlenecks.
On the last trading day of this year, Meta’s stock fell more than 64 percent compared to January, with prices falling from over $338 per share to the current $120 per share.
The company has lost more than $600 billion in valuation as it spent billions on the controversial virtual reality leap with its Metaverse, with efforts continuing to fall short.
Meta has since imposed a hiring freeze and laid off thousands of employees.
PayPal fared no better, with its own shares falling from $187 at the start of the year to just $71 as shares plunged more than 63 percent.
Amazon also suffered heavy losses this year, with shares falling more than 50 percent, and Apple posted the largest market capital loss of any major company
Investors in the iPhone maker lost $851 in their holdings as the stock fell nearly 29 percent this year.
Along with the slumps in the tech industry, some of the biggest names in entertainment also saw their values drop.
Tesla posted the largest losses among the largest companies in the US, falling nearly 70 percent
Meta followed with a nearly 65 percent drop after Mark Zuckerberg’s push for investments in Metaverse, which the company is now winding down
Along with Facebook and Meta, Match Group led the largest losses, with the online dating service provider seeing its stock value fall 69 percent
After a turbulent year that saw hundreds of employees laid off and more than 200,000 subscribers lost, Netflix has seen its stock fall more than 50 percent in 2022.
Things were no better for Disney, which was embroiled in political battles with Florida lawmakers over the so-called Don’t Say Gay Bill.
House of Mouse stock is down more than 44 percent this year, with shares currently trading at just over $85.
Losses at the company were largely attributed to ousted CEO Bob Chapek, who was replaced by his former mentor and Disney golden boy Bob Iger, who reportedly told executives his successor was doing a “terrible job.”
PayPal was not far behind, losing nearly 64 percent
Amazon had comparable losses, with its shares plummeting more than 50 percent
Apple posted the biggest loss for investor value as its shares plummeted nearly 29 percent
Since Chapek took over the company, it’s been blasted as too awake as the House of Mouse further abused its ties with Florida Gov. Ron DeSantis over the bill barring teachers of third-grade students and below from talking about sexuality speak.
As a result, DeSantis decided to withdraw Disney World’s special tax privileges.
Disney is also facing pressure from park workers who have demanded pay increases, as longtime employees say they are “grossly underpaid” while the company enjoys $3.6 billion in profits from their work.
Warner Bros. Discovery has also seen some of its biggest losses this year, with the stock falling almost 63 percent this year.
The ailing company has laid off dozens of employees as it lost $3 billion to content creation, and new CEO David Zaslav vowed to offset losses through cost-cutting measures to post $12 billion in profit in 2023.
The entertainment industry was hit just as hard, with Netflix plummeting more than 50 percent
Disney ended a tumultuous year down more than 44 percent
Warner Bros. Discovery also posted huge losses as the stock plummeted nearly 63 percent
While big tech and entertainment companies suffered this year, the energy sector posted some of its biggest gains, as shares in the industry as a whole rose nearly 60 percent.
The biggest gainer was Chevron, whose shares are up more than 50 percent since January.
In addition to the energy sector, healthcare companies also saw big gains, particularly pharmaceutical companies.
The winner in this race was Merck, which launched its blockbuster cancer drug Keytruda, and its shares are up more than 44 percent this year.
Chevron posted its biggest gains of the year as the energy industry as a whole thrived
Pharmaceutical companies also posted big gains, led by Merck after its blockbuster cancer drug Keytruda