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As S&P 500 confirms bear market, most of its components look worse

Tuesday, June 14, 2022
As S&P 500 confirms bear market, most of its components look worse © Reuters. A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 13, 2022. REUTERS/Brendan McDermid

By Noel Randewich

(Reuters) - While the S&P 500 confirmed on Monday that it has been in a bear market since January, many of the benchmark's components are in far worse shape following months of fear-driven selling related to rising interest rates and worries about the economy.

The S&P 500's 3.9% drop on Monday was fueled by worries that more aggressive interest rate hikes by the Federal Reserve could push the economy into a recession. The S&P 500 has now tumbled about 22% since its Jan. 3 record high close, confirming it has been in a bear market since hitting that high.

Within the S&P 500, the picture is dire, with the median stock down 27% from its 52-week high, as of Monday's close. Over two thirds of S&P 500 stocks were down more than 20% from their own 52-week highs as of Monday's close.

GRAPHIC: Tesla (NASDAQ:TSLA) market cap (https://fingfx.thomsonreuters.com/gfx/mkt/gdvzygrrgpw/Pasted%20image%201655152751771.png)

Within the S&P 500 technology sector index, 93% of stocks have fallen 20% or more from their highs, including PayPal (NASDAQ:PYPL) Holdings, which has now tumbled 76% from its record high last July following a 7% drop on Monday.

Previously highly valued growth stocks have been badly punished in recent months by investors worried about the group's vulnerability to rising interest rates.

Among stocks in the S&P 500 consumer discretionary index, more than 90% are in bear markets, including Etsy (NASDAQ:ETSY), down 77% from its record high, and Carnival (NYSE:CCL) Corp, down 67% from its high. The cruise ship company's stock slumped more than 10% on Monday.

Within the communication services sector index, Facebook-owner Meta Platforms has slumped 57% from its 2021 high, and Walt Disney (NYSE:DIS) Co has fallen 49%, including a drop of more than 3% on Monday.

With investors dumping streaming services as competition deepens, Netflix (NASDAQ:NFLX) has been the S&P 500's worst performer in 2022, down 72% year to date.

GRAPHIC: S&P 500 components YTD (https://fingfx.thomsonreuters.com/gfx/mkt/jnvweoggdvw/Pasted%20image%201655153419462.png)

Tesla, which last year soared to become one of Wall Street's most valuable companies, has now tumbled 39% in 2022 after falling 7.1% on Monday.

GRAPHIC: Bear markets within the S&P 500 (https://graphics.reuters.com/USA-STOCKS/BEARS/zdvxoeyygpx/chart.png)

While investors are laser-focused on the central bank's next interest rate announcement on Wednesday and on worries about a potential recession, the stock market's recent tumble has cooled valuations that in 2020 reached their highest level since the dot-com era. The S&P 500 is now priced at about 17 times expected earnings, which is in line with its average forward PE over the past 10 years, according to Refinitiv data.

GRAPHIC: S&P 500 forward PE (https://fingfx.thomsonreuters.com/gfx/mkt/mopanrmnyva/Pasted%20image%201655154526116.png)

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30-06-2022 06:09:52 (UTC+7)

EUR/USD

1.0441

+0.0003 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

EUR/USD

1.0441

+0.0003 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

GBP/USD

1.2122

-0.0003 (-0.02%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (2)

USD/JPY

136.60

+0.03 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

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AUD/USD

0.6880

-0.0001 (-0.01%)

Summary

↑ Sell

Moving Avg:

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Sell (9)

Indicators:

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USD/CAD

1.2890

-0.0001 (-0.01%)

Summary

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EUR/JPY

142.63

+0.06 (+0.04%)

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EUR/CHF

0.9972

0.0001 (0.00%)

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Gold Futures

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109.62

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112.25

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Natural Gas Futures

6.441

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US Coffee C Futures

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Euro Stoxx 50

3,514.32

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S&P 500

3,818.83

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7,312.32

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21,996.89

-422.08 (-1.88%)

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Neutral

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US Small Cap 2000

1,713.32

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57.62

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Adidas AG

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8.571

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 EUR/USD1.0441↑ Sell
 GBP/USD1.2122Neutral
 USD/JPY136.60↑ Buy
 AUD/USD0.6880↑ Sell
 USD/CAD1.2890Sell
 EUR/JPY142.63↑ Sell
 EUR/CHF0.9972↑ Buy
 Gold1,819.05↑ Sell
 Silver20.712↑ Sell
 Copper3.7770↑ Buy
 Crude Oil WTI109.62↑ Sell
 Brent Oil112.25↑ Buy
 Natural Gas6.441Buy
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
 Adidas170.02↑ Sell
 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
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