On another difficult Friday afternoon for the stock market, the broad U.S. indexes ended with significant declines.
One element that stood out during such a rough year for technology stocks was that the FAANG group (Facebook holding company Meta Platforms Inc. FB, -2.56%, Apple Inc. AAPL, -3.66%, Amazon.com Inc. AMZN, -14.05%, Netflix Inc. NFLX, -4.59%, Google holding company Alphabet Inc. GOOGL, -3.72% GOOG, -3.72% ) plus Microsoft lost $ 1.404 trillion in market capitalization during April. More data about the group’s performance is below.
Index summary
- On April 29 the Dow Jones Industrial Average DJIA, -2.77% was down 939 points (or 2.8%) to close at 32,977.21. The Dow fell 4.9% during April and is now down 9.2% for 2022. (All price changes in this article exclude dividends.)
- The S&P 500 index SPX, -3.63% was hit harder, with a decline of 3.6% on Friday. The U.S. benchmark declined 8.8% in April and has now fallen 13.3% in 2022. Among the worst performers on Friday was Amazon, which took a 14% dive after the company reported its first quarterly loss since 2015.
- The Nasdaq Composite Index COMP, -4.17% tumbled 4.2% on Friday; its decline for the week was 3.9% and it is now down 21.2% for 2022. One of the highest-profile decliners in the Nasdaq was Teladoc Health Inc. TDOC, +0.75%, which was down 42% for the week (although it was up slightly on Friday). The stock plunged 40% on April 28 after the company reduced its outlook for sales and earnings significantly.
- The Nasdaq-100 Index NDX, -4.47% fared even worse on Friday, sliding 4.5%. Its one-week decline was 3.8% and it has gone down 21.2% this year.
FAANG summary
Here’s a snapshot of market capitalizations for the FAANG + Microsoft group this year, with data in billions:
| Company | Change in market cap – April | Change in market cap – 2022 through April 29 | Market cap – April 29, 2022 | Market cap – March 31, 2022 | Market Cap – Dec. 31, 2021 |
| Meta Platforms Inc. Class A | -$ 61.173 | -$ 379.914 | $ 542.537 | $ 603.710 | $ 922.451 |
| Amazon.com Inc. | -$ 394.317 | -$ 426.512 | $ 1,264.491 | $ 1,658.807 | $ 1,691.003 |
| Apple Inc. | -$ 297.944 | -$ 361.690 | $ 2,551.594 | $ 2,849.538 | $ 2,913.284 |
| Netflix Inc. | -$ 81.732 | -$ 182.889 | $ 84.572 | $ 166.304 | $ 267.461 |
| Alphabet Inc. | -$ 333.393 | -$ 413.790 | $ 1,508.193 | $ 1,841.586 | $ 1,921.984 |
| Microsoft Corporation | -$ 235.778 | -$ 449.503 | $ 2,075.581 | $ 2,311.359 | $ 2,525.084 |
| Total | -$ 1,404.336 | -$ 2,214.298 | $ 8,026.967 | $ 9,431.304 | $ 10,241.266 |
| Source: FactSet | |||||
The FAANG + Microsoft group lost $ 1.404 trillion in market value during April and its combined market capitalization has now fallen by $ 2.214 trillion during 2022.
S&P 500 decliners
All sectors of the S&P 500 were down during April, except consumer staples:
| S&P 500 sector | Price change – April | Price change – one week through April 22 | Price change – April 22 |
| Communication Services | -15.8% | -11.5% | -3.6% |
| Consumer Discretionary | -13.0% | -9.5% | -5.9% |
| Information Technology | -11.3% | -3.8% | -4.1% |
| Financials | -10.0% | -6.5% | -3.4% |
| Industrials | -7.6% | -4.8% | -2.6% |
| Health Care | -4.8% | -6.0% | -2.5% |
| Utilities | -4.3% | -6.4% | -3.0% |
| Real Estate | -3.7% | -4.5% | -4.9% |
| Materials | -3.5% | -4.5% | -2.0% |
| Energy | -1.6% | -5.8% | -2.5% |
| Consumer Staples | 2.4% | -1.7% | -2.7% |
| Full S&P 500 | -8.8% | -3.3% | –3.6% |
| Source: FactSet | |||
During April, 79% of the S&P 500 stocks declined, with 144 down at least 10%. Here are the month’s worst 20 performers in the index:
| Company | Ticker | Price change – April | Price change – 2022 | Decline from 52-week intraday high | Date of 52-week intraday high |
| Netflix Inc. | NFLX, -4.59% | -49.2% | -68.4% | -72.8% | 11/17/2021 |
| Align Technology Inc. | ALGN, -4.84% | -33.5% | -55.9% | -60.7% | 09/23/2021 |
| Nvidia Corp. | NVDA, -6.24% | -32.0% | -36.9% | -46.5% | 11/22/2021 |
| Match Group Inc. | MTCH, -3.00% | -27.2% | -40.2% | -56.5% | 10/21/2021 |
| Generac Holdings Inc. | GNRC, -5.97% | -26.2% | -37.7% | -58.2% | 11/02/2021 |
| Etsy Inc. | ETSY, -8.53% | -25.0% | -57.4% | -69.7% | 11/26/2021 |
| PayPal Holdings Inc. | PYPL, -4.52% | -24.0% | -53.4% | -71.7% | 07/26/2021 |
| Amazon.com Inc. | AMZN, -14.05% | -23.8% | -25.5% | -34.1% | 07/13/2021 |
| West Pharmaceutical Services Inc. | WST, -3.17% | -23.3% | -32.8% | -33.7% | 09/09/2021 |
| State Street Corp. | STT, -2.72% | -23.1% | -28.0% | -36.1% | 01/13/2022 |
| Paramount Global Class B | PARA, +0.24% | -23.0% | -3.5% | -38.6% | 06/28/2021 |
| MarketAxess Holdings Inc. | MKTX, -2.92% | -22.5% | -35.9% | -47.2% | 08/05/2021 |
| SolarEdge Technologies Inc. | SEDG, -1.57% | -22.3% | -10.7% | -35.7% | 11/22/2021 |
| Boeing Co. | BA, -3.49% | -22.3% | -26.1% | -42.4% | 06/02/2021 |
| Take-Two Interactive Software Inc. | TTWO, -3.02% | -22.3% | -32.8% | -39.0% | 11/05/2021 |
| Moderna Inc. | MRNA, -5.69% | -22.0% | -47.1% | -73.0% | 08/10/2021 |
| Advanced Micro Devices Inc. | AMD, -4.60% | -21.8% | -40.6% | -48.0% | 11/30/2021 |
| Charter Communications Inc. Class A | CHTR, -7.15% | -21.5% | -34.3% | -48.1% | 09/02/2021 |
| Charles Schwab Corp | SCHW, -4.04% | -21.3% | -21.1% | -31.1% | 02/09/2022 |
| Idexx Laboratories Inc. | IDXX, -3.99% | -21.3% | -21.1% | -31.1% | 02/09/2022 |
| Source: FactSet | |||||
Click on the tickers for more about each company.
You should also read Tomi Kilgore’s detailed guide to the wealth of information for free on the MarketWatch quote page.
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