Deep Dive: Here are Friday’s biggest stock-market losers, driven lower by disappointing earnings and a shrinking manufacturing sector

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Deep Dive

The S&P 500 Index fell 2.8%, as 471 component members dropped

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Tesla CEO Elon Musk helped send the electric-car maker’s stock down 10% on May 1, when he said the shares were “too high.”


HEIKO JUNGE/AFP/Getty Images

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U.S. stocks posted broad declines to start the new month, as disappointing earnings reports and a set of economic numbers soured investors’ mood.

• The Dow Jones Industrial Average
DJIA,
-2.55%

sank 622 points, or 2.6%, to close at 23,723.69. The index is now down 19.7% from its closing high Feb. 12, but up 27.6% from its 2020 closing low set March 23. (All figures in this article exclude dividends.)

• The S&P 500 Index
SPX,
-2.80%

was down 2.8% and ended 16.4% below its record closing level set Feb. 19, and was 26.5% above its 2020 closing low set March 23.

• The Nasdaq Composite Index
COMP,
-3.20%

was worst of the three Friday with a 3.2% slide, ending 12.3% below its record closing high Feb. 19, but up 25.4% from its 2020 closing low set March 23.

The Institute for Supply Management said its manufacturing index fell during April to 41.5% from 49.1% in March. The April level was the lowest since April 2009. Any reading below 50% indicates contraction of the manufacturing sector.

Amazon.com
AMZN,
-7.59%

had been a market leader during the COVID-19 lockdown, but its shares fell 8% after CEO Jeff Bezos told shareholders Thursday after the market closed that they “may want to take a seat” because of plans to spend its entire second-quarter operating profit.

Investors were also disappointed with Apple’s
AAPL,
-1.61%

earnings report released Thursday after the market close because of a decision by the company not to provide forecasts. The iPhone maker boosted its stock buyback program by $50 billion.

Shares of Tesla fell 10% on Friday after CEO Elon Musk said during market hours Friday that the electric-car maker’s share price was too high.

Boeing’s
BA,
-5.42%

stock was down 5% on Friday after the company announced $25 billion in new debt offerings.

Dow

All but one of the components of the Dow Jones Industrial Average fell Friday:

Company

Ticker

Price change – May 1

Price change – 2020

Price change – 2019

Dow Inc.

DOW,
-7.52%
-7.5%

-38.0%

N/A

Exxon Mobil Corp.

XOM,
-7.16%
-7.2%

-38.2%

2.3%

United Technologies Corp.

UTX,
-5.7%

-30.8%

40.6%

Boeing Co.

BA,
-5.42%
-5.4%

-59.1%

1.0%

Travelers Companies Inc.

TRV,
-5.09%
-5.1%

-29.9%

14.4%

Caterpillar Inc.

CAT,
-4.72%
-4.7%

-24.9%

16.2%

Intel Corp.

INTC,
-4.18%
-4.2%

-4.0%

27.5%

Walgreens Boots Alliance Inc.

WBA,
-3.76%
-3.8%

-29.3%

-13.7%

Goldman Sachs Group Inc.

GS,
-3.44%
-3.4%

-23.0%

37.6%

Cisco Systems Inc.

CSCO,
-3.44%
-3.4%

-14.7%

10.7%

American Express Co.

AXP,
-3.21%
-3.2%

-29.1%

30.6%

International Business Machines Corp.

IBM,
-2.93%
-2.9%

-9.1%

17.9%

Chevron Corp.

CVX,
-2.78%
-2.8%

-25.8%

10.8%

UnitedHealth Group Inc.

UNH,
-2.72%
-2.7%

-3.2%

18.0%

J.P. Morgan Chase & Co.

JPM,
-2.62%
-2.6%

-33.1%

42.8%

McDonald’s Corp.

MCD,
-2.61%
-2.6%

-7.6%

11.3%

Microsoft Corp.

MSFT,
-2.58%
-2.6%

10.7%

55.3%

Walt Disney Co.

DIS,
-2.45%
-2.5%

-27.1%

31.9%

3M Co.

MMM,
-2.18%
-2.2%

-15.8%

-7.4%

Merck & Co. Inc.

MRK,
-2.10%
-2.1%

-14.6%

19.0%

Nike Inc. Class B

NKE,
-1.88%
-1.9%

-15.6%

36.6%

Pfizer Inc.

PFE,
-1.87%
-1.9%

-3.9%

-10.2%

Visa Inc. Class A

V,
-1.76%
-1.8%

-6.6%

42.4%

Apple Inc.

AAPL,
-1.61%
-1.6%

-1.6%

86.2%

Johnson & Johnson

JNJ,
-1.16%
-1.2%

1.7%

13.0%

Verizon Communications Inc.

VZ,
-1.07%
-1.1%

-7.4%

9.2%

Procter & Gamble Co.

PG,
-0.89%
-0.9%

-6.5%

35.9%

Coca-Cola Co.

KO,
-0.63%
-0.6%

-17.6%

16.9%

Home Depot Inc.

HD,
-0.57%
-0.6%

0.1%

27.1%

Walmart Inc.

WMT,
+1.12%
1.1%

3.4%

27.6%

Source: FactSet

Click on the tickers for more about each company. Scroll the table to see all the data.

Dow Inc.
DOW,
-7.52%

was the worst performer in the Dow, even though the company met analysts’ expectations for first-quarter net income and beat sales estimates.

S&P 500

Among the S&P 500, 471 stocks declined Friday. Here are the day’s 10 worst performers:

Company

Ticker

Price change – May 1

Price change – 2020

Price change – 2019

Weyerhaeuser Co.

WY,
-17.83%
-17.8%

-40.5%

38.2%

Norwegian Cruise Line Holdings Ltd.

NCLH,
-15.61%
-15.6%

-76.3%

37.8%

Helmerich & Payne Inc.

HP,
-14.97%
-15.0%

-63.0%

-5.2%

Apache Corp.

APA,
-13.76%
-13.8%

-55.9%

-2.5%

Royal Caribbean Cruises Ltd.

RCL,
-12.82%
-12.8%

-69.5%

36.5%

Carnival Corp.

CCL,
-12.39%
-12.4%

-72.6%

3.1%

Western Digital Corp.

WDC,
-12.15%
-12.2%

-36.2%

71.7%

Newell Brands Inc

NWL,
-11.52%
-11.5%

-36.1%

3.4%

American Airlines Group Inc.

AAL,
-11.40%
-11.4%

-62.9%

-10.7%

MGM Resorts International

MGM,
-10.81%
-10.8%

-54.9%

37.1%

Source: FactSet

Nasdaq-100

Here are Friday’s worst 10 performers among components of the Nasdaq-100 Index
NDX,
-3.13%

:

Company

Ticker

Price change – May 1

Price change – 2020

Price change – 2019

Western Digital Corp.

WDC,
-12.15%
-12.2%

-36.2%

71.7%

Tesla Inc.

TSLA,
-10.30%
-10.3%

67.6%

25.7%

United Airlines Holdings Inc.

UAL,
-10.00%
-10.0%

-69.8%

5.2%

KLA Corp.

KLAC,
-8.42%
-8.4%

-15.7%

99.1%

Lam Research Corp.

LRCX,
-7.93%
-7.9%

-19.6%

114.7%

Amazon.com Inc.

AMZN,
-7.59%
-7.6%

23.7%

23.0%

Microchip Technology Inc.

MCHP,
-7.07%
-7.1%

-22.2%

45.6%

Marriott International Inc. Class A

MAR,
-6.80%
-6.8%

-44.0%

39.5%

Autodesk Inc.

ADSK,
-6.53%
-6.5%

-4.7%

42.6%

Cadence Design Systems Inc.

CDNS,
-6.52%
-6.5%

9.3%

59.5%

Source: FactSet

Don’t miss:Seven stock picks from a five-star money manager’s ‘disruptive’ portfolio


Dow falls more than 600 points Friday afternoon amid signs of China-U.S. tension and hazy outlooks from Amazon and Apple

U.S. stock benchmarks on Friday were trading sharply lower to start the first day of trading in May as uncertainty from the outlooks from Amazon.com Inc. and Apple Inc. eroded some of the optimism that helped the Dow and S&P ring up their best April gains in 82 years. The Dow Jones Industrial Average was off 630 points, or 2.6%, at 23,720; the S&P 500 index fell 89 points, or 3%, at 2,824, while the technology-laden Nasdaq Composite Index declined 3.5% at 8,577. Late Thursday, Amazon said coronavirus-related costs such as employee testing and higher wages added to expenses and would likely in the future. Meanwhile, Apple declined to provide guidance for the current quarter. Adding to the bearish tone, President Trump indicated he may consider imposing tariffs on China, for their role in handling the novel coronavirus outbreak, which was first identified in Wuhan, China. Separately, shares of Tesla were under pressure after the CEO of the electric-vehicle maker, Elon Musk, tweeted that the company’s share price was too high.



Philip van Doorn covers various investment and industry topics. He has previously worked as a senior analyst at TheStreet.com and TheStreet Ratings. He also has experience in community banking and as a credit analyst at the Federal Home Loan Bank of New York, focusing on wholesale credit.

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