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A variety of consumer discretionary and communications stocks lost ground on Monday, with companies providing streaming and related services standing out as investors seemed to accept that there is no reason to expect the Federal Reserve to slow its efforts to cool the economy and fight inflation.
Shares of Warner Brothers Discovery Inc.
WBD,
tumbled 7%, while Netflix Inc.
NFLX,
fell 6%. Paramount Global
PARA,
and Dish Network Corp.
DISH,
each declined 5%.
The day’s 20 worst-performing large-cap stocks are listed below; the table shows these streamers have plunged 42% to 68% during 2022.
U.S. stocks had their worst day since June, as investors seemed to shift back to worrying about a continuing cycle of interest-rate increases and balance-sheet reductions by the Fed possibly leading to a recession. The better-than expected July inflation report (mainly reflecting a decline in gasoline prices) had led to a flurry of speculation that the Fed might be able to take a slower approach.
“That changed last week when several Fed representatives took a tough (or hawkish) stance and indicated there wouldn’t be a change to the trajectory of higher rates, which could weigh on economic prospects. Now everyone is confused,” Lindsey Bell, Ally Financial’s chief money and markets strategist wrote in an email.
Rex Nutting: Stop misreading the Fed: It’s not getting cold feet about wrestling inflation to the ground
This may be an especially topsy-turvy week as investors look ahead to Federal Reserve Chairman Jerome Powell’s comments on monetary policy at central-bankers’ annual economic symposium in Jackson Hole, Wyo. Powell will speak at 10 a.m. ET on Friday.
Fed Jackson Hole preview: Powell to stress a recession won’t stop Fed’s fight against high inflation
Worst 20 large-cap stocks on Aug. 22
Together the S&P 500
SPX,
and the Nasdaq-100 Index
NDX,
include 518 stocks and 95% of these declined on Aug. 22, with 40% down 3% or more for the trading session.
Here are the day’s 20 worst-performing U.S. large-cap stocks:
| Company | Ticker | Price change – Aug. 22 | Price change – 2022 | Decline from 52-week intraday high | Date of 52-week intraday high |
| Warner Bros. Discovery Inc. Series A |
WBD, |
-7.4% | -46.0% | -59.7% | 01/18/2022 |
| Aptiv PLC |
APTV, |
-7.4% | -41.7% | -46.8% | 11/04/2021 |
| CarMax Inc. |
KMX, |
-6.7% | -31.0% | -42.4% | 11/08/2021 |
| Netflix Inc. |
NFLX, |
-6.1% | -62.4% | -67.7% | 11/17/2021 |
| BorgWarner Inc. |
BWA, |
-5.8% | -18.6% | -26.8% | 01/13/2022 |
| Generac Holdings Inc. |
GNRC, |
-5.7% | -31.4% | -53.9% | 11/02/2021 |
| Bath & Body Works Inc. |
BBWI, |
-5.6% | -47.7% | -55.5% | 11/18/2021 |
| Booking Holdings Inc. |
BKNG, |
-5.5% | -17.8% | -27.4% | 02/16/2022 |
| V.F. Corp. |
VFC, |
-5.3% | -41.1% | -45.3% | 11/16/2021 |
| Match Group Inc. |
MTCH, |
-5.3% | -55.7% | -67.8% | 10/21/2021 |
| Paramount Global Class B |
PARA, |
-5.2% | -18.6% | -41.8% | 09/07/2021 |
| PVH Corp. |
PVH, |
-5.2% | -40.0% | -49.0% | 11/05/2021 |
| ON Semiconductor Corp. |
ON, |
-5.1% | 1.3% | -8.6% | 08/18/2022 |
| Align Technology Inc. |
ALGN, |
-5.1% | -61.0% | -65.3% | 09/23/2021 |
| Dish Network Corp. Class A |
DISH, |
-5.1% | -46.2% | -62.3% | 10/04/2021 |
| Ford Motor Co. |
F, |
-5.0% | -27.4% | -41.7% | 01/13/2022 |
| Wynn Resorts Ltd. |
WYNN, |
-5.0% | -28.9% | -43.7% | 09/08/2021 |
| Vornado Realty Trust |
VNO, |
-4.9% | -34.4% | -41.9% | 03/11/2022 |
| Carnival Corp. |
CCL, |
-4.9% | -53.3% | -65.7% | 09/27/2021 |
| DXC Technology Co. |
DXC, |
-4.8% | -23.3% | -37.7% | 02/09/2022 |
| Source: FactSet | |||||
Click on the tickers for more about each company. Then read Tomi Kilgore’s detailed guide to the wealth of information available for free on MarketWatch quote pages.
Don’t miss: What’s the best way to invest in tech stocks right now? This strategy is working well for one fund manager.
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.
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