Netflix is the S&P 500's worst performer this week — here are the next 14

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By Philip van Doorn

Other streamers were hit hard, and PayPal and Facebook holding company Meta Platforms also had a bad week

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:

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), 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   Communication Services                                    -36.8%                    -1.2%               -64.2%                11.4% 
Enphase Energy Inc.                    ENPH   Information Technology                                    -19.4%                    -1.9%               -16.0%                 4.3% 
HCA Healthcare Inc                     HCA    Health Care                                               -19.3%                   -21.8%               -18.0%                56.2% 
Warner Bros. Discovery Inc. Series A   WBD    Communication Services                                    -17.3%                    -4.1%               -12.6%               -21.8% 
Dentsply Sirona Inc.                   XRAY   Health Care                                               -16.5%                    -2.7%               -26.6%                 6.6% 
SolarEdge Technologies Inc.            SEDG   Information Technology                                    -16.3%                    -1.0%               -10.3%               -12.1% 
Match Group Inc.                       MTCH   Communication Services                                    -16.1%                    -0.5%               -41.6%               -12.5% 
PayPal Holdings Inc.                   PYPL   Information Technology                                    -15.9%                    -3.8%               -54.4%               -19.5% 
Moderna Inc.                           MRNA   Health Care                                               -15.2%                    -2.9%               -44.7%               143.1% 
Charles Schwab Corp                    SCHW   Financials                                                -15.0%                    -4.0%               -16.4%                58.6% 
Etsy Inc.                              ETSY   Consumer Discretionary                                    -15.0%                    -3.3%               -55.1%                23.1% 
Freeport-McMoRan Inc.                  FCX    Materials                                                 -14.8%                    -6.8%                 0.4%                60.4% 
Paramount Global Class B               PARA   Communication Services                                    -14.7%                    -3.9%                 2.8%               -19.0% 
Baker Hughes Company Class A           BKR    Energy                                                    -13.6%                    -2.2%                33.8%                15.4% 
Meta Platforms Inc. Class A             FB    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), which is shutting down the CNN+ service less than a month after it was launched, and Paramount Global (PARA), 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), PayPal Holdings Inc. (PYPL), Etsy Inc. (ETSY) and Facebook’s holding company Meta Platforms Inc. (FB).

Don’t miss:How to position your investments before the Federal Reserve causes a bear market

-Philip van Doorn

 

(END) Dow Jones Newswires

04-22-22 1718ET

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