Pummeled stocks include Netflix, PayPal and Facebook parent Meta Platforms
Stocks soured on April 26, with major declines for broad indexes that underlined what a difficult year it has been, so far, for technology stocks.
Below is a list of 21 large-cap stocks that have dropped at least 50% from their 52-week highs.
The trading action for the indexes took a turn for the worse ahead of a slew of earnings announcements for major tech companies.
- The Dow Jones Industrial Average DJIA fell 809 points (or 2.4%) on Tuesday to close at 33,240 points. The Dow has now declined 8.5% for 2022 and 10% from its intraday high set on Jan. 5. (All price changes in this article exclude dividends.)
- The benchmark S&P 500 Index SPX was down 2.8% for the session. It has fallen 12.4% year-to-date and 13.4% from its intraday high on Jan. 4.
- The worst-performing stock in the S&P 500 was Tesla Inc. TSLA, which sank 12.2%. Shares of Tesla have now declined 17.1% in 2022 and are down 29.5% from their intraday high on Nov. 4. Tuesday’s decline followed an agreement on April 25 for Twitter Inc. TWTR to be acquired by Tesla CEO Elon Musk for $44 billion in cash.
- The Nasdaq Composite Index COMP dropped 4% and is now down 20.2% for 2022 and 23% from its intraday high, which was set on Nov. 22.
- The Nasdaq-100 Index NDX slipped 3.9%. It has fallen 20.3% this year and is down 22.4% from its intraday high on Nov. 22. (The Nasaq-100 is made up of the largest non-financial stocks in the Nasdaq Composite Index. It is therefore heavily weighted toward technology stocks. It is tracked by the Invesco QQQ Trust QQQ. )
Tech stocks suffer biggest declines
Combining the S&P 500 and the Nasdaq-100 and removing duplicates produces a list of 519 stocks and American depositary receipts listed on U.S. exchanges.
Among these 519 stocks, 21 have fallen 50% or more from their 52-week intraday highs:
