Text size
Carnival Cruises, like other cruise lines, has struggled to restart its business in the wake of the pandemic.
Chandan Khanna/AFP via Getty Images
The stock market staged a rally in mid-August, spurred by better-than-expected economic indicators.
But that enthusiasm quickly cooled after the release of lackluster housing and manufacturing data, prompting investors to take a step back to ponder the Federal Reserve’s next move in the fight to curb inflation.
of
S&P 500
closed at its highest point since April 2022 on August 16. Since then, the index has fallen 4.1% since Tuesday’s close and faltered on Wednesday. Key for investors will be Fed Chairman Jerome Powell’s speech at the Jackson Hole Economic Symposium on Friday, when he is expected to indicate whether the central bank is taking a more aggressive or dovish approach.
“US stocks edged lower after a flurry of weak economic data and Macy’s not being as pessimistic about the consumer,” Oanda analyst Edward Moya wrote. “Financial markets will remain in troubled waters until the Jackson hole speech on Friday from Fed Chairman Powell. He may struggle to convince markets that he is comfortable with tightening policy and triggering a recession.”
The recent market downturn has hit some stocks harder than others as market volatility has prompted investors to focus on financial fundamentals, according to Chicago-based investment firm RMB Capital.
These are some of the stocks that have fallen the most since the S&P 500’s August peak.
No. 1. Modern
After a meteoric pandemic surge,
modern
(
MRNA
) stocks have turned off as the vaccine boom comes to an end. Analysts expect sales of the Covid-19 vaccine to halve for Moderna and competitor Pfizer ( PFE ) between 2022 and 2023. But unlike Pfizer, which has a drug pipeline, Moderna relies heavily on its Covid-19 drugs, placed him in a vulnerable place. moving forward. Shares have fallen 15.6% since August 16 through Wednesday.
2. Advance Auto Parts
Advancement of auto parts
(
AAP
) fell 10% on Wednesday after the auto products retailer cut its full-year guidance, cutting its eight-day decline to 15.1%. The company said high inflation and rising fuel prices will continue to put pressure on its do-it-yourself segment during the second half of the year.
3. Match group
Match group
(
MTCH
) has fallen 14% over the last eight days. The stock had retreated since early August, when the company’s second-quarter revenue and outlook fell short of expectations.
4. Carnival
Cruise line operator
Carnival
(
CCL
) has lost 12.8% from August 16 to Wednesday. Cruise ships have struggled to restart in the wake of the pandemic. Some travelers are still wary of hopping on a cruise while Covid-19 is still circulating, while others have been put off by the stringent biosecurity measures cruise lines have put in place to curb the spread.
5. Walgreens Boots Alliance
Shares of
Walgreens Boots Alliance
(
WBA
) have fallen 12.5% since the S&P peak in August and were trading nearly 2% lower on Wednesday. Investors are growing increasingly concerned that rising interest rates and inflation could have a big impact on retailers, who are expected to feel the pinch as shoppers curb spending activity.
Email Sabrina Escobar at [email protected]
