Cruise-line and energy shares lead the drop during a big selloff
Published: March 13, 2020 at 5:47 a.m. ET, By Philip van Doorn
The U.S. stock market’s slide Thursday intensified in the last minutes of trading, after President Trump announced a pending ban on most air travel from Europe and little stimulus to the economy.
• The Dow Jones Industrial Average US:DJIA dropped 2,353 points (or 10%) to close at 21,200.62, for its worst one-day decline since 1987.
• The S&P 500 Index US:SPX slumped 9.5%, led by the energy sector, which was down 12.3%, and the financial sector, which skidded 10.9%. The benchmark index has now fallen 26.9% since setting an all-time intraday high Feb. 19.
• The Nasdaq Composite Index US:COMP shed 9.4%.
Read: Here’s how Invesco’s top strategist says long-term investors should navigate this market panic
The yield on 10-year U.S. Treasury notes BX:TMUBMUSD10Y inched up by slightly to 0.86%, reversing an earlier decline in the yield as bond-purchasing cooled.
But the Treasury yield curve for March 11 showed that investors were looking ahead to another interest-rate cut by the Federal Reserve. All yields up to 10 years are well below the current federal funds target rate range of 1% to 1.25%.
The Fed said Thursday it would lend $1.5 trillion to the short-term funding markets and add purchases of Treasury notes and bonds to increase its balance sheet.
West Texas intermediate crude for April delivery US:CL was down 6% to $31.11 a barrel.
Dow
All 30 components of the Dow Jones Industrial Average were down Thursday:
| Company | Ticker | Price change – March 12, 2020 | Price change since Feb. 19 | Decline from 52-week high | Price change – 2020 | Price change – 2019 |
| Boeing Co. | US:BA | -33.0% | -54.2% | -63.4% | -52.5% | 1.0% |
| Dow Inc. | US:DOW | -24.6% | -50.2% | -60.9% | -56.8% | N/A |
| American Express Co. | US:AXP | -19.1% | -39.0% | -39.5% | -32.9% | 30.6% |
| Goldman Sachs Group Inc. | US:GS | -18.3% | -36.5% | -39.8% | -34.5% | 37.6% |
| Walt Disney Co. | US:DIS | -17.6% | -35.0% | -40.2% | -36.5% | 31.9% |
| International Business Machines Corp. | US:IBM | -17.6% | -31.9% | -35.2% | -23.3% | 17.9% |
| Cisco Systems Inc. | US:CSCO | -17.2% | -28.3% | -43.0% | -30.8% | 10.7% |
| Walgreens Boots Alliance Inc. | US:WBA | -16.6% | -21.2% | -36.4% | -30.4% | -13.7% |
| Nike Inc. Class B | US:NKE | -16.0% | -27.6% | -29.7% | -26.8% | 36.6% |
| Intel Corp. | US:INTC | -15.6% | -32.1% | -34.3% | -23.9% | 27.5% |
| Home Depot Inc. | US:HD | -15.6% | -21.8% | -23.0% | -12.7% | 27.1% |
| Procter & Gamble Co. | US:PG | -15.5% | -18.8% | -20.5% | -18.4% | 35.9% |
| McDonald’s Corp. | US:MCD | -14.9% | -21.1% | -23.3% | -13.9% | 11.3% |
| Travelers Companies Inc. | US:TRV | -14.5% | -24.0% | -34.1% | -25.4% | 14.4% |
| Exxon Mobil Corp. | US:XOM | -14.3% | -38.4% | -55.5% | -46.7% | 2.3% |
| United Technologies Corp. | US:UTX | -14.1% | -32.0% | -35.3% | -31.6% | 40.6% |
| Microsoft Corp. | US:MSFT | -13.6% | -25.7% | -27.1% | -11.8% | 55.3% |
| Caterpillar Inc. | US:CAT | -13.4% | -32.6% | -38.7% | -37.5% | 16.2% |
| Pfizer Inc. | US:PFE | -13.2% | -17.1% | -32.6% | -23.4% | -10.2% |
| Walmart Inc. | US:WMT | -13.1% | -11.6% | -17.0% | -12.4% | 27.6% |
| Apple Inc. | US:AAPL | -13.0% | -23.3% | -24.3% | -15.5% | 86.2% |
| 3M Co. | US:MMM | -12.9% | -16.2% | -39.2% | -24.3% | -7.4% |
| JPMorgan Chase & Co. | US:JPM | -12.6% | -36.0% | -37.6% | -36.8% | 42.8% |
| Visa Inc. Class A | US:V | -12.3% | -25.0% | -25.3% | -14.8% | 42.4% |
| Coca-Cola Co. | US:KO | -12.1% | -21.1% | -21.6% | -14.8% | 16.9% |
| Johnson & Johnson | US:JNJ | -11.5% | -15.8% | -18.8% | -14.0% | 13.0% |
| UnitedHealth Group Inc. | US:UNH | -10.6% | -18.0% | -18.4% | -14.8% | 18.0% |
| Chevron Corp. | US:CVX | -10.3% | -31.1% | -40.1% | -36.7% | 10.8% |
| Verizon Communications Inc. | US:VZ | -9.4% | -12.1% | -17.7% | -16.6% | 9.2% |
| Merck & Co. Inc. | US:MRK | -9.2% | -9.2% | -19.6% | -18.1% | 19.0% |
| Souce: FactSet | ||||||
S&P 500
Every component of the S&P 500 was down Thursday, with cruise line operators hit particularly hard after Carnival Corp. US:CCL announced cruises on 18 of its Princess ships would be halted for 60 days.
Here are the day’s 20 worst performers in the S&P 500:
| Company | Ticker | Price change – March 12, 2020 | Price change since Feb. 19 | Decline from 52-week high | Price change – 2020 | Price change – 2019 |
| Norwegian Cruise Line Holdings Ltd. | US:NCLH | -52.9% | -81.4% | -83.9% | -83.5% | 37.8% |
| Royal Caribbean Cruises Ltd. | US:RCL | -41.4% | -72.7% | -77.6% | -77.3% | 36.5% |
| Ventas Inc. | US:VTR | -37.7% | -53.7% | -63.7% | -52.6% | -1.5% |
| Lincoln National Corp. | US:LNC | -34.2% | -61.6% | -65.4% | -60.4% | 15.0% |
| Marathon Petroleum Corp. | US:MPC | -33.7% | -60.3% | -67.1% | -62.0% | 2.1% |
| Boeing Co. | US:BA | -33.0% | -54.2% | -63.4% | -52.5% | 1.0% |
| Noble Energy Inc. | US:NBL | -32.3% | -66.9% | -77.9% | -74.8% | 32.4% |
| Capri Holdings Ltd. | US:CPRI | -31.3% | -48.1% | -71.3% | -62.4% | 0.6% |
| Carnival Corp. | US:CCL | -31.2% | -65.5% | -74.1% | -70.5% | 3.1% |
| PVH Corp. | US:PVH | -30.4% | -48.6% | -67.0% | -57.9% | 13.1% |
| TechnipFMC LC | US:FTI | -30.3% | -61.4% | -76.8% | -69.0% | 9.5% |
| Sysco Corp. | US:SYY | -30.3% | -42.9% | -49.4% | -49.1% | 36.5% |
| United Airlines Holdings Inc. | US:UAL | -29.5% | -53.3% | -61.4% | -57.9% | 5.2% |
| Welltower Inc. | US:WELL | -28.9% | -47.6% | -50.7% | -43.8% | 17.8% |
| Macy’s Inc | US:M | -28.7% | -54.7% | -72.0% | -56.6% | -42.9% |
| Darden Restaurants Inc. | US:DRI | -28.4% | -51.0% | -53.9% | -45.7% | 9.2% |
| Live Nation Entertainment Inc. | US:LYV | -28.1% | -52.4% | -52.7% | -49.3% | 45.1% |
| Apache Corp. | US:APA | -28.1% | -72.7% | -79.6% | -69.7% | -2.5% |
| National Oilwell Varco Inc. | US:NOV | -28.0% | -62.8% | -70.4% | -65.3% | -2.5% |
| Valero Energy Corp. | US:VLO | -27.3% | -47.2% | -56.9% | -53.1% | 24.9% |
| Source: FactSet | ||||||
Nasdaq-100
Here are the 10 worst-performing components of the Nasdaq-100 Index US:NDX :
| Company | Ticker | Price change – March 12, 2020 | Price change since Feb. 19 | Decline from 52-week high | Price change – 2020 | Price change – 2019 |
| United Airlines Holdings Inc. | US:UAL | -29.5% | -33.8% | -61.4% | -57.9% | 5.2% |
| Expedia Group Inc. | US:EXPE | -24.3% | -29.5% | -54.8% | -39.9% | -4.0% |
| Microchip Technology Inc. | US:MCHP | -23.5% | -25.8% | -44.6% | -40.5% | 45.6% |
| Western Digital Corp. | US:WDC | -21.7% | -28.2% | -45.7% | -38.4% | 71.7% |
| Align Technology Inc. | US:ALGN | -21.1% | -17.7% | -46.2% | -35.5% | 33.2% |
| American Airlines Group Inc. | US:AAL | -20.9% | -40.0% | -61.8% | -53.1% | -10.7% |
| Splunk Inc. | US:SPLK | -20.6% | -24.1% | -40.4% | -29.9% | 42.8% |
| Dollar Tree Inc. | US:DLTR | -20.1% | -4.3% | -41.3% | -25.2% | 4.1% |
| Applied Materials Inc. | US:AMAT | -19.7% | -16.7% | -35.0% | -26.1% | 86.4% |
| Micron Technology Inc. | US:MU | -19.3% | -20.2% | -36.9% | -28.2% | 69.5% |
| Source: FactSet | ||||||
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Source: www.marketwatch.com