These stocks fared the worst as Powell pushed the market down Tuesday
By Philip van Doorn
Bank stocks were hit hard, as investors braced for a longer cycle of interest rate increases. Electric vehicle makers also stumbled.
Federal Reserve Chairman Jerome Powell set the stage for further rounds of interest-rate increases on March 7, sending bond yields higher and stock prices lower.
Below are lists of the day's biggest losers among the broad U.S. stock indexes. Bank stocks were hit particularly hard, as investors considered the Fed's efforts to slow the economy and a rising cost for funding. Shares of electric vehicle makers also tumbled, as you can see in the Nasdaq-100 list below.
At first glance, Powell's choice of words when speaking before the Senate Banking Committee may have seemed reasonable and measured, but investors didn't see it that way.
In his prepared remarks, Powell said: "The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated." Considering that the federal-funds target range is now 4.50% to 4.75%, up from a range of zero to 0.25% only a year ago, these words from Powell were a big deal, and the markets treated them as such.
Below is a list of stocks in the broad U.S. indexes that declined the most on March 7.
Read:What's next for stocks after Fed's Powell triggers market-rattling rate jolt
The yield on 2-year U.S. Treasury notes climbed 12 basis points for the day to 5.02%.
S&P 500
The S&P 500 was down 1.5% on March 7, with 94% of its component stocks showing declines. The benchmark index is still up 2.8% for 2023, following last year's 19.4% decline. (All price changes in this article exclude dividends.)
Here are the 20 stocks in the S&P 500 that fell the most on March 7:
Company Ticker March 7 price change 2023 price change 2022 price change
DXC Technology Co. DXC -7.1% -0.1% -17.7%
Freeport-McMoRan Inc. FCX -6.0% 5.7% -8.9%
Lumen Technologies Inc. LUMN -5.8% -40.4% -58.4%
SVB Financial Group SIVB -5.5% 16.2% -66.1%
Signature Bank SBNY -5.4% -9.0% -64.4%
First Republic Bank FRC -5.3% -5.2% -41.0%
M&T Bank Corp. MTB -5.2% -0.6% -5.5%
Fifth Third Bancorp FITB -5.2% 4.5% -24.7%
Citizens Financial Group Inc. CFG -5.1% -1.7% -16.7%
Mid-America Apartment Communities Inc. MAA -4.9% -3.2% -31.6%
Catalent Inc. CTLT -4.9% 50.7% -64.8%
Huntington Bancshares Inc. HBAN -4.8% 2.5% -8.6%
Zions Bancorporation N.A. ZION -4.8% -5.5% -22.2%
Wells Fargo & Co. WFC -4.7% 7.7% -13.9%
PNC Financial Services Group Inc. PNC -4.6% -7.7% -21.2%
Truist Financial Corp. TFC -4.5% 2.4% -26.5%
Camden Property Trust CPT -4.4% 0.1% -37.4%
Boston Properties Inc. BXP -4.3% -6.3% -41.3%
S&P Global Inc. SPGI -4.2% 0.5% -29.0%
Hasbro Inc. HAS -4.0% -14.8% -40.1%
Source: FactSet
Click on the tickers for more about each company, including the latest news.
Read Tomi Kilgore's detailed guide to the wealth of information for free on the MarketWatch quote page.
Nasdaq
The Nasdaq Composite Index ended with a 1.2% decline for the day. It has risen 10.2% so far in 2023. Here are the 10 stocks in the Nasdaq-100 Index that fell the most during the trading session:
Company Ticker March 7 price change 2023 price change 2022 price change Rivian Automotive Inc. Class A RIVN -14.5% -20.6% -82.2% Lucid Group Inc. LCID -5.8% 21.7% -82.0% Sirius XM Holdings Inc. SIRI -5.6% -30.5% -8.0% Walgreens Boots Alliance Inc. WBA -3.7% -8.6% -28.4% Illumina Inc. ILMN -3.3% 3.1% -46.9% Tesla Inc. TSLA -3.1% 52.4% -65.0% Charter Communications Inc. Class A CHTR -3.1% 5.5% -48.0% CSX Corporation CSX -2.8% -4.2% -17.6% Marvell Technology Inc. MRVL -2.8% 11.0% -57.7% Amgen Inc. AMGN -2.7% -12.9% 16.7% Source: FactSet
Shares of Rivian Automotive Inc. fell 14.5% as investors digested the prospects of dilution of their ownership positions after the company said it would raise $1.3 billion through an offering of convertible notes.
Read:GM Takes On Tesla With a New Self-Driving System
The Dow 30
The Dow Jones Industrial Average declined 575 points (or 1.7%) on March 7 to close at 32,856.46. It has now declined 0.9% this year.
On March 7, all components of the Dow were down for the session except Merck & Co. (MRK), which was up slightly.
Here's how all 30 components of the Dow performed for the day, from worst to best:
Company Ticker March 7 price change 2023 price change 2022 price change Walgreens Boots Alliance Inc. WBA -3.7% -8.6% -28.4% Caterpillar Inc. CAT -3.1% 2.7% 15.9% Goldman Sachs Group Inc. GS -3.1% 0.8% -10.2% JPMorgan Chase & Co. JPM -2.9% 3.4% -15.3% Amgen Inc. AMGN -2.7% -12.9% 16.7% 3M Co. MMM -2.6% -10.7% -32.5% Home Depot Inc. HD -2.5% -8.0% -23.9% Dow Inc. DOW -2.3% 10.7% -11.2% American Express Co. AXP -2.1% 18.7% -9.7% Procter & Gamble Co. PG -2.0% -9.2% -7.3% Boeing Co. BA -1.9% 9.2% -5.4% Intel Corp. INTC -1.8% -3.4% -48.7% Travelers Cos. Inc. TRV -1.6% -3.8% 19.9% Walt Disney Co. DIS -1.6% 14.0% -43.9% Visa Inc. Class A V -1.6% 7.4% -4.1% International Business Machines Corp. IBM -1.5% -9.0% 5.4% Apple Inc. AAPL -1.5% 16.7% -26.8% UnitedHealth Group Inc. UNH -1.4% -10.6% 5.6% McDonald's Corp. MCD -1.3% 1.4% -1.7% Chevron Corp. CVX -1.3% -8.6% 53.0% Microsoft Corp. MSFT -1.1% 6.0% -28.7% Cisco Systems Inc. CSCO -1.0% 2.7% -24.8% Walmart Inc. WMT -1.0% -1.8% -2.0% Johnson & Johnson JNJ -0.9% -12.8% 3.3% Honeywell International Inc. HON -0.7% -8.7% 2.8% Verizon Communications Inc. VZ -0.6% -3.8% -24.2% Coca-Cola Co. KO -0.6% -5.7% 7.4% Nike Inc. Class B NKE -0.5% 2.2% -29.8% Salesforce Inc. CRM -0.3% 38.3% -47.8% Merck & Co. Inc. MRK 0.2% 0.3% 44.8% Source: FactSet
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-Philip van Doorn
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March 07, 2023 17:00 ET (22:00 GMT)
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