By Philip van Doorn
Other streamers were hit hard, and PayPal and Facebook holding company Meta Platforms also had a bad week
Investors remained sour for a second consecutive session on Friday as they continued to digest comments from Federal Reserve Chairman Jerome Powell about the prospect for rapidly rising interest rates. The action had the broad indexes revisiting their mid-March lows:
Read:Fed chief Powell backs moving more quickly on interest-rate hikes
Breaking down the S&P 500
The worst-performing stock among the S&P 500 this week was Netflix Inc. (NFLX), which plunged 35% on Thursday after estimating it would lose $2 million subscribers during the second quarter. Netflix ended the week with a 37% decline.
Read:This math shows why Netflix’s stock price could plunge to $121
All but two of the 11 sectors of the S&P 500 were down for the week, led by communications services, which includes Netflix:
S&P 500 sector Price change -- April 15 through April 22 Price change -- April 22 Price change -- 2022 Price change -- 2021
Communication Services -7.7% -3.3% -22.8% 20.5%
Energy -4.6% -2.4% 37.2% 47.7%
Materials -3.7% -3.7% -5.5% 25.0%
Health Care -3.6% -3.6% -5.3% 24.2%
Information Technology -2.5% -2.8% -17.9% 33.4%
Utilities -2.4% -1.7% 3.8% 14.0%
Financials -2.0% -3.0% -7.5% 32.5%
Consumer Discretionary -1.8% -2.4% -14.3% 23.7%
Industrials -1.6% -2.5% -7.0% 19.4%
Consumer Staples 0.4% -1.6% 2.9% 15.6%
Real Estate 1.2% -1.8% -4.9% 42.5%
S&P 500 -2.8% -2.8% -10.4% 26.9%
Source: FactSet
Communications services sector is also the worst-performing sector so far in 2022.
Here are the week’s worst 15 performers among the S&P 500:
Company Ticker Sector Price change -- April 15 through April 22 Price change -- April 22 Price change -- 2022 Price change -- 2021
Netflix Inc. NFLX Communication Services -36.8% -1.2% -64.2% 11.4%
Enphase Energy Inc. ENPH Information Technology -19.4% -1.9% -16.0% 4.3%
HCA Healthcare Inc HCA Health Care -19.3% -21.8% -18.0% 56.2%
Warner Bros. Discovery Inc. Series A WBD Communication Services -17.3% -4.1% -12.6% -21.8%
Dentsply Sirona Inc. XRAY Health Care -16.5% -2.7% -26.6% 6.6%
SolarEdge Technologies Inc. SEDG Information Technology -16.3% -1.0% -10.3% -12.1%
Match Group Inc. MTCH Communication Services -16.1% -0.5% -41.6% -12.5%
PayPal Holdings Inc. PYPL Information Technology -15.9% -3.8% -54.4% -19.5%
Moderna Inc. MRNA Health Care -15.2% -2.9% -44.7% 143.1%
Charles Schwab Corp SCHW Financials -15.0% -4.0% -16.4% 58.6%
Etsy Inc. ETSY Consumer Discretionary -15.0% -3.3% -55.1% 23.1%
Freeport-McMoRan Inc. FCX Materials -14.8% -6.8% 0.4% 60.4%
Paramount Global Class B PARA Communication Services -14.7% -3.9% 2.8% -19.0%
Baker Hughes Company Class A BKR Energy -13.6% -2.2% 33.8% 15.4%
Meta Platforms Inc. Class A FB Communication Services -12.4% -2.1% -45.3% 23.1%
Source: FactSet
Click the tickers for more about each company, including full coverage of news that may have helped lead to their declines this week.
You should also read Tomi Kilgore’s detailed guide to the wealth of information for free on the MarketWatch quote page.
Looking at the list of this week’s worst performers, two other companies with streaming services were hit hard — the newly formed Warner Brothers Discovery Inc. (WBD), which is shutting down the CNN+ service less than a month after it was launched, and Paramount Global (PARA), which streams through Paramount+.
But several other companies that feature numbers of users or participants in their quarterly financial news releases pulled back significantly, including Match Group Inc. (MTCH), PayPal Holdings Inc. (PYPL), Etsy Inc. (ETSY) and Facebook’s holding company Meta Platforms Inc. (FB).
Don’t miss:How to position your investments before the Federal Reserve causes a bear market
-Philip van Doorn
(END) Dow Jones Newswires
04-22-22 1718ET
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