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Nervousness about the Delta variant, which was hampering the economic comeback, triggered a steep sell-off on Wall Street on Monday, pushing a number of stocks into the bear market area.
The Dow Jones Industrial Average fell as much as 930 points, its worst one-day decline of the year. The S&P 500 lost 2.1%, causing energy stocks to move lower. Investors are shedding cyclical stocks as US Covid cases rebounded and the delta variant spread among the unvaccinated.
Here are the stocks in the S&P 500 that have fallen the most from their 52-week highs, some of which are down over 60% from their highs. Bear markets are defined by a decline of 20% or more from a recent high.
Stocks directly tied to a successful reopening, such as airlines and cruise lines, took the brunt of the sell-off. Carnival and Norwegian Cruise Line each fell more than 5%, while Royal Caribbean declined over 4%. The trio are all down at least 30% from their 52-week highs. United Airlines shares fell 5.8% on Monday, falling 31% from their recent high.
Discovery stocks – both Class A and Class C – are down more than 60% from their records. ViacomCBS also slipped from its pear by a similar order of magnitude. Earlier this year, those media stocks were sold in massive blocks during the collapse of Archegos Capital Management. The heavily indebted family office was unable to meet its margin calls and forced brokers to sell these names.
Some names in the energy sector have also backed down massively after an impressive rebound from the pandemic hit. Diamondback Energy and Enphase Energy both fell about 30% from their recent highs.
Tesla is also among the top 20 biggest losers in the S&P 500, losing 29% from its 52-week high in late January. The electric vehicle maker was one of the biggest winners in 2020 with a whopping 740% rally as investors favored high-growth stocks.
– CNBC’s Nate Rattner contributed to this story.
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