A stock selloff to start 2022 led to the worst quarter in history for a dozen S&P 500 stocks, as investors punished pandemic darlings and highly valued tech companies, subtracting roughly $2 trillion in market cap.
Tech companies took the brunt of a first-quarter selloff that was felt throughout Wall Street, as the Nasdaq Composite Index COMP, 0.27% lost $1.99 trillion in market cap through Wednesday’s close, its worst quarterly performance since the fourth quarter of 2018, according to Dow Jones Market Data Group. More broad-based indexes also lost more than $1 trillion in market cap but held up better than the tech-heavy Nasdaq, with the S&P 500 index SPX, 0.10% declining by $1.46 trillion.
Dow Jones Market Data Group found 12 stocks that suffered their worst quarterly percentage decline, and roughly half could be considered tech companies: Etsy, PayPal, Facebook parent company Meta Platforms, Keysight Technologies, Match Group and Charter Communications. Others that may not be considered “tech companies” were still harmed by some of the same dynamics that damaged those stocks, however — Xylem, which sells controls technology and other supplies to the water industry, saw its margins slammed by increasing costs of components for those systems.
The 12 stocks combined to lose nearly half a trillion dollars in market cap on their own, a total of $494.19 billion. The bulk of that came from Facebook, which dropped more than $300 billion in valuation as investors chopped off roughly a third of its stock price.
Check out the list of stocks here- https://www.marketwatch.com/story/a-dozen-s-p-500-stocks-just-had-their-worst-quarter-ever-as-tech-stocks-sloughed-off-nearly-2-trillion-in-value-11648760186?mod=mw_more_headlines
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