Only 5 S&P 500 Stocks Rise After Powell’s Disappointing Jackson Hole Speech

It only took a 10-minute speech from Federal Reserve Chairman Jerome Powell on Friday to make it clear that monetary policy would be relentlessly tightened in the coming months. Investors dumped stocks, sending the S&P 500 down 3.4% after two days of gains.

Only five stocks in the S&P 500 SPX,
-3.37%
belonged on Friday:

Company

Heart

Price change – August 26

Price change – 2022

Down from 52-week intraday high

Date of 52-week intraday high

Electronic Arts Inc.

EA,
+3.57%

3.57%

0.2%

-10.6%

09/02/2021

Molina Healthcare Inc.

MOH,
+3.36%

3.36%

6.4%

-6.3%

26/08/2022

Take-Two Interactive Software Inc.

TTWO,
+1.59%

1.59%

-28.3%

-34.9%

11/05/2021

CF Industries Holdings Inc.

CF,
+0.81%

0.81%

67.2%

-1.0%

26/08/2022

ConocoPhillips

COP,
+0.04%

0.04%

55.3%

-9.6%

06/08/2022

Source: FactSet

Speaking at the Jackson Hole Economic Symposium on Friday morning, Powell said the Fed’s actions to control inflation would bring “some pain to households and businesses.”

He also addressed speculation that signs of easing rate hikes in July may prompt the Fed to slow its pace of rate hikes, saying he still sees “strong underlying momentum” in the US economy.

Reading: The Fed doesn’t rotate. Why were stock investors the last to learn?

The Dow Jones Industrial Average DJIA,
-3.03%
fell 3% to close at 32,283. The Nasdaq Composite Index COMP,
-3.94%
fell 3.9% to 12,142.

Among the S&P 500, 43% of stocks fell at least 4% on Friday. Here are the day’s 10 worst performers, which shed a combined $63.8 billion in market capitalization for the session:

Company

Heart

Price change – August 26

Change in market capitalization – August 26 ($M)

Price change – 2022

Down from 52-week intraday high

Date of 52-week intraday high

3M Co.

mmm,
-9.54%

-9.5%

-$7,758

-27.3%

-34.5%

30/08/2021

Nvidia Corp.

NVDA,
-9.23%

-9.2%

-$41,325

-44.7%

-53.1%

22/11/2021

HP Inc.

HPQ,
-8.94%

-8.9%

-$3,185

-16.7%

-24.3%

04/07/2022

Align Technology Inc.

ALGN,
-7.52%

-7.5%

-$1,604

-61.6%

-65.8%

23/09/2021

Monolithic Power Systems Inc.

-7.3%

-$1,769

-3.4%

-17.8%

22/11/2021

Hewlett Packard Enterprise Co.

HPE,
-7.22%

-7.2%

-$1,390

-12.7%

-22.5%

02/10/2022

Dollar Tree Inc.

DLTR,
-6.92%

-6.9%

-$2,315

-1.3%

-21.7%

21/04/2022

ON Semiconductor Corp.

ON,
-6.69%

-6.7%

-$2,223

5.4%

-6.8%

25/08/2022

Zebra Technologies Corp. Category A

ZBRA,
-6.66%

-6.7%

-$1,138

-48.2%

-49.9%

10/12/2021

VF Corp.

VFC,
-6.56%

-6.6%

-$1,123

-43.8%

-47.8%

16/11/2021

Source: FactSet

Click on the tickers for more on each company, including the news that drove prices lower on Friday. Then read Tomi Kilgore’s in-depth guide to the wealth of information available for free on MarketWatch’s deals pages.

Dont miss: These dividend stocks can protect you as the Federal Reserve slows the economy

Hear Ray Dalio at MarketWatch’s Best New Ideas in Money Festival on September 21st and 22nd in New York. The hedge fund pioneer has strong views on where the economy is headed.

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