To The Moon

US stocks were walloped this week. We haven't end the week but S&P 500 $SPDR S&P 500 ETF Trust(SPY)$has lost 6% already. Worst weekly performance since Mar 2020 (Covid). The Fed hiked interest rate by 0.75% and it was the largest since 1994. Market initially rallied but died the following day. 200 out of the 500 stocks in S&P 500 have made 1-year lows. That's almost half of the constituents of the index. These are blue chips. There were 15 stocks that lost more than 50% from a year ago. Most of them are in the travel sector which is weird considering the world is opening up. And we even have an ex-trillion dollar club member, Meta Platforms, among these losers too. 1. Meta Platforms -51% 2. Under Armour -54% 3. Warner Bros Discovery -55% 4. Wynn Resorts -57% 5. Illumina -58% 6. Etsy -58% 7. IPG Photonics -59% 8. Dish Network -59% 9. Royal Caribbean -60% 10. Align Tech -61% 11. Caesars Entertainment -64% 12. Penn National Gaming -65% 13. Norwegian Cruise -67% 14. Carnival -70% 15. PayPal -73% Even the the biggest stock in S&P 500, Apple, has not held up and has made a new 1-year low. Semiconductors were poor performers too, despite the attention on them in the past 1 year. AMD, Nvidia, Intel, Qualccomm, Micron, Applied Materials, Texas Instruments and Lam Research have all made 1-year lows. Financials were not spared too. Higher interest rates should increase their margins, and yet, JP Morgan Chase, Morgan Stanley, Bank of America, Wells Fargo, Prudential, Mastercard and American Express made the list. Notably PayPal $PayPal(PYPL)$is now trading below its Covid low. In other words, even if you have bought PayPal stock at the rock bottom during Covid you are losing money today. PayPal won't be alone for any much longer as many other stocks are racing to their Covid lows. I believe this crash is going to be deeper than the one during Covid.