MW Here are Friday's biggest stock-market losers, driven lower by disappointing earnings and a shrinking manufacturing sector
By Philip van Doorn, MarketWatch
The S&P 500 Index fell 2.8%, as 471 component members dropped
U.S. stocks posted broad declines to start the new month, as disappointing earnings reports and a set of economic numbers soured investors' mood.
-- The Dow Jones Industrial Average sank 622 points, or 2.6%, to close at 23,723.69. The index is now down 19.7% from its closing high Feb. 12, but up 27.6% from its 2020 closing low set March 23. (All figures in this article exclude dividends.)
-- The S&P 500 Index was down 2.8% and ended 16.4% below its record closing level set Feb. 19, and was 26.5% above its 2020 closing low set March 23.
-- The Nasdaq Composite Index was worst of the three Friday with a 3.2% slide, ending 12.3% below its record closing high Feb. 19, but up 25.4% from its 2020 closing low set March 23.
The Institute for Supply Management said its manufacturing index fell during April to 41.5% from 49.1% in March. The April level was the lowest since April 2009. Any reading below 50% indicates contraction of the manufacturing sector.
Amazon.com $(AMZN)$ had been a market leader during the COVID-19 lockdown, but its shares fell 8% after CEO Jeff Bezos told shareholders Thursday after the market closed that they "may want to take a seat" because of plans to spend its entire second-quarter operating profit .
Investors were also disappointed with Apple's $(AAPL)$ earnings report released Thursday after the market close because of a decision by the company not to provide forecasts. The iPhone maker boosted its stock buyback program by $50 billion.
Shares of Tesla fell 10% on Friday after CEO Elon Musk said during market hours Friday that the electric-car maker's share price was too high .
Boeing's $(BA)$ stock was down 5% on Friday after the company announced $25 billion in new debt offerings .
Dow
All but one of the components of the Dow Jones Industrial Average fell Friday:
| Company | Ticker | Price change - May 1 | Price change - 2020 | Price change - 2019 |
| Dow Inc. | US:DOW | -7.5% | -38.0% | N/A |
| Exxon Mobil Corp. | US:XOM | -7.2% | -38.2% | 2.3% |
| United Technologies Corp. | AR:UTX | -5.7% | -30.8% | 40.6% |
| Boeing Co. | US:BA | -5.4% | -59.1% | 1.0% |
| Travelers Companies Inc. | US:TRV | -5.1% | -29.9% | 14.4% |
| Caterpillar Inc. | US:CAT | -4.7% | -24.9% | 16.2% |
| Intel Corp. | US:INTC | -4.2% | -4.0% | 27.5% |
| Walgreens Boots Alliance Inc. | US:WBA | -3.8% | -29.3% | -13.7% |
| Goldman Sachs Group Inc. | US:GS | -3.4% | -23.0% | 37.6% |
| Cisco Systems Inc. | US:CSCO | -3.4% | -14.7% | 10.7% |
| American Express Co. | US:AXP | -3.2% | -29.1% | 30.6% |
| International Business Machines Corp. | US:IBM | -2.9% | -9.1% | 17.9% |
| Chevron Corp. | US:CVX | -2.8% | -25.8% | 10.8% |
| UnitedHealth Group Inc. | US:UNH | -2.7% | -3.2% | 18.0% |
| J.P. Morgan Chase & Co. | US:JPM | -2.6% | -33.1% | 42.8% |
| McDonald's Corp. | US:MCD | -2.6% | -7.6% | 11.3% |
| Microsoft Corp. | US:MSFT | -2.6% | 10.7% | 55.3% |
| Walt Disney Co. | US:DIS | -2.5% | -27.1% | 31.9% |
| 3M Co. | US:MMM | -2.2% | -15.8% | -7.4% |
| Merck & Co. Inc. | US:MRK | -2.1% | -14.6% | 19.0% |
| Nike Inc. Class B | US:NKE | -1.9% | -15.6% | 36.6% |
| Pfizer Inc. | US:PFE | -1.9% | -3.9% | -10.2% |
| Visa Inc. Class A | US:V | -1.8% | -6.6% | 42.4% |
| Apple Inc. | US:AAPL | -1.6% | -1.6% | 86.2% |
| Johnson & Johnson | US:JNJ | -1.2% | 1.7% | 13.0% |
| Verizon Communications Inc. | US:VZ | -1.1% | -7.4% | 9.2% |
| Procter & Gamble Co. | US:PG | -0.9% | -6.5% | 35.9% |
| Coca-Cola Co. | US:KO | -0.6% | -17.6% | 16.9% |
| Home Depot Inc. | US:HD | -0.6% | 0.1% | 27.1% |
| Walmart Inc. | US:WMT | 1.1% | 3.4% | 27.6% |
| Source: FactSet |
Click on the tickers for more about each company. Scroll the table to see all the data.
Dow Inc. $(DOW)$ was the worst performer in the Dow, even though the company met analysts' expectations for first-quarter net income and beat sales estimates .
S&P 500
Among the S&P 500, 471 stocks declined Friday. Here are the day's 10 worst performers:
| Company | Ticker | Price change - May 1 | Price change - 2020 | Price change - 2019 |
| Weyerhaeuser Co. | US:WY | -17.8% | -40.5% | 38.2% |
| Norwegian Cruise Line Holdings Ltd. | US:NCLH | -15.6% | -76.3% | 37.8% |
| Helmerich & Payne Inc. | US:HP | -15.0% | -63.0% | -5.2% |
| Apache Corp. | US:APA | -13.8% | -55.9% | -2.5% |
| Royal Caribbean Cruises Ltd. | US:RCL | -12.8% | -69.5% | 36.5% |
| Carnival Corp. | US:CCL | -12.4% | -72.6% | 3.1% |
| Western Digital Corp. | US:WDC | -12.2% | -36.2% | 71.7% |
| Newell Brands Inc | US:NWL | -11.5% | -36.1% | 3.4% |
| American Airlines Group Inc. | US:AAL | -11.4% | -62.9% | -10.7% |
| MGM Resorts International | US:MGM | -10.8% | -54.9% | 37.1% |
| Source: FactSet |
Nasdaq-100
Here are Friday's worst 10 performers among components of the Nasdaq-100 Index :
| Company | Ticker | Price change - May 1 | Price change - 2020 | Price change - 2019 |
| Western Digital Corp. | US:WDC | -12.2% | -36.2% | 71.7% |
| Tesla Inc. | US:TSLA | -10.3% | 67.6% | 25.7% |
| United Airlines Holdings Inc. | US:UAL | -10.0% | -69.8% | 5.2% |
| KLA Corp. | US:KLAC | -8.4% | -15.7% | 99.1% |
| Lam Research Corp. | US:LRCX | -7.9% | -19.6% | 114.7% |
| Amazon.com Inc. | US:AMZN | -7.6% | 23.7% | 23.0% |
| Microchip Technology Inc. | US:MCHP | -7.1% | -22.2% | 45.6% |
| Marriott International Inc. Class A | US:MAR | -6.8% | -44.0% | 39.5% |
| Autodesk Inc. | US:ADSK | -6.5% | -4.7% | 42.6% |
| Cadence Design Systems Inc. | US:CDNS | -6.5% | 9.3% | 59.5% |
| Source: FactSet |
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-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 01, 2020 16:57 ET (20:57 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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