It may be hard to believe, but it has now been a full month since the S&P 500 last closed at a record high. During that span, we have seen one of the quickest 10%+ declines from an all-time high, followed by an impressive rally off the 2/8 lows. During the equity market’s leg down, the average decline of stocks in the Russell 1000 was a drop of 9.7%, and breadth was terrible with 951 of the 975 stocks in the Russell 1000 posting negative returns. The rally on the way up has been a bit weaker in magnitude and breadth, but still strong in its own right. Since the 2/8 closing low, stocks in the Russell 1000 are up an average of 6.0% and all but 98 stocks in the Russell 1000 have seen their share price rise. In the table below, we wanted to highlight both the biggest winners off the lows as well as those stocks that haven’t even been able to rally in a very strong tape.
We’ll start with the winners. Since 2/8, there have been 28 stocks in the Russell 1000 that have rallied more than triple the average 6.0% rally of all stocks. In the table below, we have listed each of those names along with how they performed during the downturn as well. Overall, these stocks saw larger declines than the rest of the market on the way down, but they have more than made up for that weakness on the way up. Fifteen of these stocks have risen more than 20% including US Steel (X), Applied Materials (AMAT), Lam Research (LRCX), and Align Technology (ALGN). In terms of sector representation, investors still can’t get enough of tech stocks as 13 of the 28 names come from that sector. The sector with the next most names is Energy (5). Meanwhile, not a single stock from the Financials, Real Estate, Telecom Services, or Utilities sector made the list.
As mentioned above, just under 100 stocks in the Russell 1000 have declined relative to their 2/8 closing levels, and below we highlight the 23 stocks that have dropped more than 5% during this time. Leading the way lower, Macquarie Infrastructure (MIC) has lost nearly one-third of its value, followed by Brookdale Senior Living (BKD), which has declined 27.4%. Besides these two names, other notable losers include Walmart (WMT) and Biogen (BIIB), which have both dropped nearly 7%. Regarding sector representation, this list is a little more even as no sector represented has more than six names (Consumer Discretionary), while just two stocks from the Technology sector are down more than 5%.