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:
- The Dow Jones Industrial Average DJIA, -2.82% fell 981.36 points (or 2.8%) to close at 33,811.40, its lowest closing level since March 15. The Dow fell 1.9% for the week; it is now down 7% for 2022. (All price changes in this article exclude dividends.)
- The S&P 500 SPX, -2.77% was down 2.8% on Friday and also hit its lowest closing level since March 15. The U.S. benchmark index fell 2.8% for the week and is now down 10.4% for 2022.
- The Nasdaq Composite Index COMP, -2.55% fell 2.5% on Friday, to its lowest level since March 14. The Nasdaq declined 3.8% for the week. It has fallen 17.9% this year.
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, -1.24%, 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, -1.24% | Communication Services | -36.8% | -1.2% | -64.2% | 11.4% |
| Enphase Energy Inc. | ENPH, -1.87% | Information Technology | -19.4% | -1.9% | -16.0% | 4.3% |
| HCA Healthcare Inc | HCA, -21.82% | Health Care | -19.3% | -21.8% | -18.0% | 56.2% |
| Warner Bros. Discovery Inc. Series A | WBD, -4.10% | Communication Services | -17.3% | -4.1% | -12.6% | -21.8% |
| Dentsply Sirona Inc. | XRAY, -2.71% | Health Care | -16.5% | -2.7% | -26.6% | 6.6% |
| SolarEdge Technologies Inc. | SEDG, -1.01% | Information Technology | -16.3% | -1.0% | -10.3% | -12.1% |
| Match Group Inc. | MTCH, -0.46% | Communication Services | -16.1% | -0.5% | -41.6% | -12.5% |
| PayPal Holdings Inc. | PYPL, -3.77% | Information Technology | -15.9% | -3.8% | -54.4% | -19.5% |
| Moderna Inc. | MRNA, -2.88% | Health Care | -15.2% | -2.9% | -44.7% | 143.1% |
| Charles Schwab Corp | SCHW, -4.03% | Financials | -15.0% | -4.0% | -16.4% | 58.6% |
| Etsy Inc. | ETSY, -3.32% | Consumer Discretionary | -15.0% | -3.3% | -55.1% | 23.1% |
| Freeport-McMoRan Inc. | FCX, -6.76% | Materials | -14.8% | -6.8% | 0.4% | 60.4% |
| Paramount Global Class B | PARA, -3.93% | Communication Services | -14.7% | -3.9% | 2.8% | -19.0% |
| Baker Hughes Company Class A | BKR, -2.16% | Energy | -13.6% | -2.2% | 33.8% | 15.4% |
| Meta Platforms Inc. Class A | FB, -2.11% | 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, -4.10%, which is shutting down the CNN+ service less than a month after it was launched, and Paramount Global PARA, -3.93%, 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, -0.46%, PayPal Holdings Inc. PYPL, -3.77%, Etsy Inc. ETSY, -3.32% and Facebook’s holding company Meta Platforms Inc. FB, -2.11%.
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