Yesterday, we outlined the percentage of stocks in each S&P 500 sector that were below their pre-COVID highs to show that many of the stocks that surged due to pandemic effects have significantly fallen off, netting long-term holders a negative return since the onslaught of the pandemic. Yesterday, the S&P 500 by 1.6% to a new 52-week low on a closing basis, but the index was still up over 15% relative to the pre-COVID highs. Along with this move from the broader index, three stocks broke below their pre-COVID highs for the first time. As things currently stand, 41.2% of S&P 500 members are now below their pre-COVID highs, and an additional 18 stocks (3.6% of members) are just 2% or less above their closing high prices between the start of 2019 and the end of February 2020.
Below we show the six-month price charts of the three stocks that traded below their pre-COVID highs for the first time yesterday. Click here to view Bespoke’s premium membership options.
As mentioned above, there are 18 stocks that were trading within 2% of their pre-COVID highs as of yesterday’s close, and charts of each one are highlighted below. Looking through them, some have already traded well below their pre-COVID highs but have since rebounded while a number of others haven’t traded at these levels in months. In fact, six of them closed at new six-month lows yesterday (AOS, BR, LEN, MGM, NVR, and SYK).