These S&P 500 stocks fell the most on Wednesday - led by Lamb Weston and Tesla
By Philip van Doorn
Some of the best performers of 2024 pulled back sharply
Most broad U.S. stock indexes declined significantly on Wednesday, following a set of disappointing earnings reports that weren't limited to technology companies.
Here's a summary of performance for the S&P 500 SPX and other broad indexes:
Index July 24 price change 2024 price change 2023 price change 2022 price change Price change since end of 2021
S&P 500 -2.3% 13.8% 24.2% -19.4% 13.9%
Dow Jones Industrial Average -1.2% 5.7% 13.7% -8.8% 9.7%
Nasdaq Composite -3.6% 15.5% 43.4% -33.1% 10.8%
Nasdaq-100 -3.7% 13.1% 53.8% -33.0% 16.6%
Russell 2000 -2.1% 8.3% 15.1% -21.6% -2.2%
Source: FactSet
All price changes in this article exclude dividends. The table shows returns going back to the end of 2001, to reflect the pattern of decline in 2022 followed by recovery in 2023.
Seven out of 11 sectors of the S&P 500 declined on Wednesday, led by a 4.1% decline for the information-technology sector, which was still up 23.5% for 2024.
S&P 500 sector July 24 price change 2024 price change 2023 price change 2022 price change Price change since end of 2021
Information Technology -4.1% 23.5% 56.4% -28.9% 37.3%
Consumer Discretionary -3.9% 3.4% 41.0% -37.6% -9.0%
Communication Services -3.8% 19.3% 54.4% -40.4% 9.7%
Industrials -2.2% 8.1% 16.0% -7.1% 16.5%
Real Estate -1.3% 0.5% 8.3% -28.4% -22.2%
Materials -1.3% 4.6% 10.2% -14.1% -0.9%
Financials -1.2% 13.2% 9.9% -12.4% 9.1%
Consumer Staples 0.0% 9.4% -2.2% -3.2% 3.6%
Energy 0.2% 8.1% -4.8% 59.0% 63.7%
Healthcare 0.8% 9.8% 0.3% -3.6% 6.2%
Utilities 1.2% 12.2% -10.2% -1.4% -0.7%
Source: FactSet
A number of companies disappointed investors with reports of quarterly results or guidance for coming quarters:
Lamb Weston Holdings Inc. LW was the worst performer among the S&P 500 on Wednesday, with shares dropping 28% after the maker of frozen potato products reported results for its fiscal fourth quarter - and said rising menu prices at restaurants were likely to hurt its sales through fiscal 2025.Tesla Inc. TSLA was the day's second-worst performer in the U.S. benchmark index, with shares falling 12% after the company reported mixed quarterly results.Shares of Alphabet Inc. GOOGL GOOG were down 5% on Wednesday. Late on Tuesday, the company had reported quarterly results that came in ahead of analysts' expectations for revenue and profit. The subsequent decline may have reflected comments from the company's management that foreshadowed pressure on profit margins.
Market Extra: Will the stock market's 'Great Rotation' continue? These three things could decide its fate
The S&P 500 is weighted by market capitalization. Large companies can have quite an effect on the overall index's daily performance. It turns out that one-third of stocks in the S&P 500 were up on Wednesday; these included Enphase Energy Inc. (ENPH), which rose 13%, reversing a decline over the previous five trading sessions. The recent disruption for solar-power equipment makers has centered on SunPower Corp. (SPWR), which is not a component of the S&P 500. SunPower's stock rose 7.5% on Wednesday, after falling 65% over the previous five sessions.
Read: SunPower's woes spell good news for these solar names
Another notable gainer on Wednesday was AT&T Inc. (T) The stock rose 5% after the company blew past analysts' estimates in a very important category and increased its free cash flow by an impressive amount, providing comfort to investors that it can continue to support the 6% dividend yield on its stock.
Biggest declines among the S&P 500 on Wednesday
Here are the 20 stocks in the S&P 500 that declined the most for the day:
Company Ticker July 24 price change 2024 price change 2023 price change 2022 price change Price change since end of 2021
Lamb Weston Holdings Inc. LW -28.2% -48% 21% 41% -11%
Tesla Inc. TSLA -12.3% -13% 102% -65% -39%
Vistra Corp. VST -9.4% 88% 66% 2% 219%
Super Micro Computer Inc. SMCI -9.1% 150% 246% 87% 1519%
Fortive Corp. FTV -8.2% -4% 15% -16% -8%
Constellation Energy Corp. CEG -7.8% 50% 36% N/A N/A
Broadcom Inc. AVGO -7.6% 36% 100% -16% 127%
Roper Technologies Inc. ROP -7.4% -2% 26% -12% 8%
Bath & Body Works Inc. BBWI -7.2% -20% 2% -40% -51%
Otis Worldwide Corp. OTIS -7.1% 2% 14% -10% 5%
Caesars Entertainment Inc. CZR -7.0% -27% 13% -56% -63%
Eaton Corp. ETN -6.9% 24% 53% -9% 73%
Monolithic Power Systems Inc. MPWR -6.9% 25% 78% -28% 60%
Nvidia Corp. NVDA -6.8% 131% 239% -50% 288%
Amphenol Corp. APH -6.4% 25% 30% -13% 42%
Westinghouse Air Brake Technologies Corp. WAB -6.4% 24% 27% 8% 71%
KLA Corp. KLAC -6.4% 30% 54% -12% 76%
Qualcomm Inc. QCOM -6.4% 25% 32% -40% -1%
Advanced Micro Devices Inc. AMD -6.1% -2% 128% -55% 1%
Arista Networks Inc. ANET -6.0% 38% 94% -16% 127%
Source: FactSet
Nasdaq-100 decliners
The Nasdaq-100 index NDX is made up of the largest 100 nonfinancial components of the full Nasdaq Composite (COMP). It fell 3.7% on Wednesday. It is tracked by the Invesco QQQ Trust QQQ.
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