Only 5 S&P 500 stocks ended higher after Powell’s sobering Jackson Hole speech

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

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

Company

Ticker

Price change – Aug. 26

Price change – 2022

Decline 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%

08/26/2022

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%

08/26/2022

ConocoPhillips

COP,
+0.04%
0.04%

55.3%

-9.6%

06/08/2022

Source: FactSet

In his speech at the Jackson Hole economic symposium Friday morning, Powell said the Federal Reserve’s actions to control inflation would bring “some pain to households and businesses.”

He also addressed speculation that indications of a softening of price increases in July might cause the Fed to slow its pace for interest-rate increases by saying he still saw “strong underlying momentum” in the U.S. economy.

Read: The Fed isn’t pivoting. Why were stock investors the last to know?

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

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

Company

Ticker

Price change – Aug. 26

Change  in market cap – Aug. 26 ($mil)

Price change – 2022

Decline from 52-week intraday high

Date of 52-week intraday high

3M Co.

MMM,
-9.54%
-9.5%

-$7,758

-27.3%

-34.5%

08/30/2021

Nvidia Corp.

NVDA,
-9.23%
-9.2%

-$41,325

-44.7%

-53.1%

11/22/2021

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%

09/23/2021

Monolithic Power Systems Inc.

-7.3%

-$1,769

-3.4%

-17.8%

11/22/2021

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%

04/21/2022

ON Semiconductor Corp.

ON,
-6.69%
-6.7%

-$2,223

5.4%

-6.8%

08/25/2022

Zebra Technologies Corp. Class A

ZBRA,
-6.66%
-6.7%

-$1,138

-48.2%

-49.9%

12/10/2021

V.F. Corp.

VFC,
-6.56%
-6.6%

-$1,123

-43.8%

-47.8%

11/16/2021

Source: FactSet

Click on the tickers for more about each company, including news that drove prices lower on Friday. Then read 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.