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A decline in gasoline prices couldn’t mask the problem that spooked investors on Sept. 13: Core consumer prices resumed their rapid increase during August.
Fear of the Federal Reserve’s ongoing tightening of monetary policy to fight inflation sent the Dow Jones Industrial Average
DJIA
down 887 points (or 2.7%) to 31,494, with all 30 components showing declines. The benchmark S&P 500
SPX
was down 3.1%, with all but six component stocks down as of 11:30 ET.
Read: U.S. inflation roars back in August, CPI shows, despite falling gas prices
Meta Platforms Inc.
META
was the worst performer among the plethora of big-tech names whose stocks were hit hard, with a 7.7% decline, followed by Nvidia Corp.
NVDA,
which was down 7.4%, and Advanced Micro Devices Inc.
AMD,
which dropped 7.3%.
The five largest companies in the S&P 500 by market capitalization had shed $387 billion in value in midday trading:
| Company | Ticker | Price change – Sept. 13 | Price change – 2022 | Intraday market cap ($bil.) – Sept. 13 | Change in market cap ($bil.) – Sept. 13 | Change in market cap ($Bil.) – 2022 |
| Apple Inc. | AAPL | -4.3% | -11.9% | $2,513 | -$113 | -$400 |
| Microsoft Corp. | MSFT | -4.2% | -24.1% | $1,904 | -$84 | -$621 |
| Amazon.com Inc. | AMZN | -5.9% | -22.9% | $1,309 | -$81 | -$382 |
| Alphabet Inc. Class A | GOOGL | -5.0% | -27.3% | $1,281 | -$67 | $409 |
| Tesla Inc. | TSLA | -4.3% | -17.3% | $913 | -$41 | -$149 |
| Totals | $7,920 | -$387 | -$1,142 | |||
| Source: FactSet | ||||||
Worst decliners in the S&P 500
All but seven of the S&P 500 were down for the trading session. Here are the worst 20 midday performers in the large-cap benchmark index:
| Company | Ticker | Price change – Sept. 13 | Price change – 2022 | Decline from 52-week intraday high |
| Eastman Chemical Co. | EMN | -7.8% | -27.7% | -32.4% |
| Meta Platforms Inc. Class A | META | -7.7% | -53.6% | -59.4% |
| Nvidia Corp. | NVDA | -7.4% | -54.4% | -61.2% |
| Advanced Micro Devices Inc. | AMD | -7.3% | -45.5% | -52.3% |
| Western Digital Corp. | WDC | -7.1% | -38.4% | -42.1% |
| Caesars Entertainment Inc. | CZR | -7.0% | -50.4% | -61.3% |
| Lumen Technologies Inc. | LUMN | -6.8% | -25.2% | -35.3% |
| Etsy Inc. | ETSY | -6.8% | -51.4% | -65.4% |
| Align Technology Inc. | ALGN | -6.7% | -62.0% | -66.1% |
| Whirlpool Corp. | WHR | -6.6% | -36.3% | -39.1% |
| Indexx Laboratories Inc. | IDXX | -6.5% | -46.5% | -49.0% |
| Netflix Inc. | NFLX | -6.4% | -63.3% | -68.4% |
| Franklin Resources Inc. | BEN | -6.2% | -25.1% | -34.4% |
| T. Rowe Price Group | TROW | -6.2% | -40.4% | -47.5% |
| BlackRock Inc. | BLK | -6.2% | -28.6% | -32.8% |
| Zebra Technologies Corp. Class A | ZBRA | -6.2% | -50.8% | -52.4% |
| ON Semiconductor Corp. | ON | -6.1% | -0.5% | -12.0% |
| Synchrony Financial | SYF | -5.9% | -30.4% | -38.5% |
| Amazon.com Inc. | AMZN | -5.9% | -22.9% | -31.7% |
| Qorvo Inc. | QRVO | -5.7% | -43.7% | -52.0% |
| Source: FactSet | ||||
Click on the tickers for more about each company. Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on MarketWatch quote pages.
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Hear from Ray Dalio at MarketWatch’s Best New Ideas in Money Festival on Sept. 21 and 22 in New York. The hedge-fund pioneer has strong views on where the economy is headed.
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