Today’s biggest stock market losers aren’t limited to technology, as economic fears mount


The management team of Snap Inc. he did not mince words on May 23, saying that “the macroeconomic environment has deteriorated more and more rapidly than expected.” This led the company to say it would miss the lower end of its one-month target for second-quarter revenue.

These words sent Snap SNAP,
-41.43%
shares fell – down 41% on the afternoon of May 24th.

Snap’s warning also helped cause a 90% drop in the S&P 500 SPX.
-2.11%.
(S&P Dow Jones Indices has kept SNAP out of its stock indices due to its multi-share class structure.)

Reads: Snap shares are falling after the company says it will lose estimates due to the deteriorating economy

Among the 11 sectors of the S&P 500, communications services had the worst performance with a decline of 5.6%, while the full index fell 2.2%.

Another sign of investors’ flight to safety was the volume of purchases that boosted the yield on 10-year US Treasury notes TMUBMUSD10Y,
2.728%
a drop of 13 basis points to 2.74%.

Below are the 15 worst performing stocks among the S&P 500 on the afternoon of May 24:

Company

Ticker

Price change: May 24

Price change – 2022

Decrease from a maximum of 52 weeks

Date of maximum intraday of 52 weeks

Omnicom Group Inc.

WTO,
-11.69%

-10%

-6.7%

-25.4%

02/10/2022

Meta Platforms Inc. Class A

FB,
-8.98%

-10%

-47.3%

-53.9%

09/01/2021

Interpublic Group of Companies Inc.

IPG,
-10.99%

-10%

-24.6%

-29.4%

02/09/2022

Carnival Corp.

CCL,
-9.65%

-9%

-40.7%

-62.2%

06/08/2021

Caesars Entertainment Inc.

CZR,
-9.10%

-9%

-52.9%

-63.3%

10/01/2021

DexCom Inc.

DXCM,
-10.11%

-8%

-44.7%

-55.0%

11/18/2021

Norwegian Cruise Line Holdings Ltd.

NCLH,
-9.72%

-8%

-33.0%

-59.1%

06/09/2021

Warner Bros. Discovery Inc. Series A

WBD,
-6.97%

-8%

-28.3%

-48.5%

27/05/2021

Penn National Gaming Inc.

PENN,
-8.69%

-8%

-44.4%

-66.6%

09/08/2021

Alphabet Inc. Class A

GOOGL,
-6.52%

-8%

-28.8%

-32.0%

02/02/2022

Royal Caribbean Group

RCL,
-8.27%

-7%

-33.3%

-47.8%

11/08/2021

Generac Holdings Inc.

GNRC,
-5.85%

-7%

-39.3%

-59.2%

11/02/2021

Etsy Inc.

ETSY,
-6.72%

-7%

-67.7%

-77.0%

26/11/2021

Moderna Inc.

MRNA,
-5.79%

-7%

-49.6%

-74.3%

08/10/2021

MGM Resorts International

MGM,
-6.87%

-7%

-30.1%

-38.7%

08/11/2021

Source: FactSet

Learn more about Snap’s warning and its replicas:

  • Snap shares fall to worst fall in history as earnings warning makes stocks “reversible”

  • Snap’s warning of a weaker perspective sends ripples through technological actions



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