The management team at Snap Inc. minced no words May 23, saying “the macroeconomic environment has deteriorated further and faster than anticipated.” That led the company to say it will miss the low end of its month-old guidance for second-quarter revenue.
Those words sent Snap’s SNAP shares tumbling — they were down 41% in late-morning trading May 24.
Snap’s warning also helped lead to declines for 90% of the S&P 500 SPX. (S&P Dow Jones Indices has kept SNAP out of its stock indexes because of its multiple share-class structure.)
Read: Snap stock falls after company says it will miss estimates due to deteriorating economy
Among the 11 sectors of the S&P 500, communications services was the worst performer with a 5.6% decline, while the full index was down 2.2%.
Another sign of investors’ flight to safety was purchase volume that pushed the yield on 10-year U.S. Treasury notes BX:TMUBMUSD10Y down 13 basis points to 2.74%.
Here are the 15 worst-performing stocks among the S&P 500 in late-morning trading May 24:
| Company | Ticker | Price change – May 24 | Price change – 2022 | Decline from 52-week high | Date of 52-week intraday high |
| Omnicom Group Inc. | OMC | -10% | -6.7% | -25.4% | 02/10/2022 |
| Meta Platforms Inc. Class A | FB | -10% | -47.3% | -53.9% | 09/01/2021 |
| Interpublic Group of Companies Inc. | IPG | -10% | -24.6% | -29.4% | 02/09/2022 |
| Carnival Corp. | CCL | -9% | -40.7% | -62.2% | 06/08/2021 |
| Caesars Entertainment Inc. | CZR | -9% | -52.9% | -63.3% | 10/01/2021 |
| DexCom Inc. | DXCM | -8% | -44.7% | -55.0% | 11/18/2021 |
| Norwegian Cruise Line Holdings Ltd. | NCLH | -8% | -33.0% | -59.1% | 06/09/2021 |
| Warner Bros. Discovery Inc. Series A | WBD | -8% | -28.3% | -48.5% | 05/27/2021 |
| Penn National Gaming Inc. | PENN | -8% | -44.4% | -66.6% | 09/08/2021 |
| Alphabet Inc. Class A | GOOGL | -8% | -28.8% | -32.0% | 02/02/2022 |
| Royal Caribbean Group | RCL | -7% | -33.3% | -47.8% | 11/08/2021 |
| Generac Holdings Inc. | GNRC | -7% | -39.3% | -59.2% | 11/02/2021 |
| Etsy Inc. | ETSY | -7% | -67.7% | -77.0% | 11/26/2021 |
| Moderna Inc. | MRNA | -7% | -49.6% | -74.3% | 08/10/2021 |
| MGM Resorts International | MGM | -7% | -30.1% | -38.7% | 11/08/2021 |
| Source: FactSet | |||||
More about Snap’s warning and its aftershocks:
- Snap stock plunges toward worst drop on record as profit warning makes the shares ‘uninvestible’
- Snap’s warning of a weaker outlook sends ripples through tech stocks