Deep Dive: Meta is one of today’s worst S&P 500 performers, but these 5 other stocks have lost $387 billion in value

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A decline in gasoline prices couldn’t mask the problem that spooked investors on Sept. 13: Core consumer prices resumed their rapid increase during August.

Fear of the Federal Reserve’s ongoing tightening of monetary policy to fight inflation sent the Dow Jones Industrial Average
DJIA,
-2.85%

down 887 points (or 2.7%) to 31,494, with all 30 components showing declines. The benchmark S&P 500
SPX,
-3.14%

was down 3.1%, with all but six component stocks down as of 11:30 ET.

Read: U.S. inflation roars back in August, CPI shows, despite falling gas prices

Meta Platforms Inc.
META,
-7.63%

was the worst performer among the plethora of big-tech names whose stocks were hit hard, with a 7.7% decline, followed by Nvidia Corp.
NVDA,
-7.51%
,
which was down 7.4%, and Advanced Micro Devices Inc.
AMD,
-7.69%
,
which dropped 7.3%.

The five largest companies in the S&P 500 by market capitalization had shed $387 billion in value in midday trading:

Company

Ticker

Price change – Sept. 13

Price change – 2022

Intraday market cap ($bil.) – Sept. 13

Change in market cap ($bil.) – Sept. 13

Change in market cap ($Bil.) – 2022

Apple Inc.

AAPL,
-4.83%
-4.3%

-11.9%

$2,513

-$113

-$400

Microsoft Corp.

MSFT,
-4.21%
-4.2%

-24.1%

$1,904

-$84

-$621

Amazon.com Inc.

AMZN,
-5.52%
-5.9%

-22.9%

$1,309

-$81

-$382

Alphabet Inc. Class A

GOOGL,
-4.54%
-5.0%

-27.3%

$1,281

-$67

$409

Tesla Inc.

TSLA,
-3.13%
-4.3%

-17.3%

$913

-$41

-$149

Totals

$7,920

-$387

-$1,142

Source: FactSet

Worst decliners in the S&P 500

All but seven of the S&P 500 were down for the trading session. Here are the worst 20 midday performers in the large-cap benchmark index:

Company

Ticker

Price change – Sept. 13

Price change – 2022

Decline from 52-week intraday high

Eastman Chemical Co.

EMN,
-8.93%
-7.8%

-27.7%

-32.4%

Meta Platforms Inc. Class A

META,
-7.63%
-7.7%

-53.6%

-59.4%

Nvidia Corp.

NVDA,
-7.51%
-7.4%

-54.4%

-61.2%

Advanced Micro Devices Inc.

AMD,
-7.69%
-7.3%

-45.5%

-52.3%

Western Digital Corp.

WDC,
-8.09%
-7.1%

-38.4%

-42.1%

Caesars Entertainment Inc.

CZR,
-6.52%
-7.0%

-50.4%

-61.3%

Lumen Technologies Inc.

LUMN,
-7.05%
-6.8%

-25.2%

-35.3%

Etsy Inc.

ETSY,
-5.59%
-6.8%

-51.4%

-65.4%

Align Technology Inc.

ALGN,
-5.97%
-6.7%

-62.0%

-66.1%

Whirlpool Corp.

WHR,
-6.98%
-6.6%

-36.3%

-39.1%

Indexx Laboratories Inc.

IDXX,
-5.29%
-6.5%

-46.5%

-49.0%

Netflix Inc.

NFLX,
-5.89%
-6.4%

-63.3%

-68.4%

Franklin Resources Inc.

BEN,
-7.21%
-6.2%

-25.1%

-34.4%

T. Rowe Price Group

TROW,
-6.49%
-6.2%

-40.4%

-47.5%

BlackRock Inc.

BLK,
-6.52%
-6.2%

-28.6%

-32.8%

Zebra Technologies Corp. Class A

ZBRA,
-5.83%
-6.2%

-50.8%

-52.4%

ON Semiconductor Corp.

ON,
-6.08%
-6.1%

-0.5%

-12.0%

Synchrony Financial

SYF,
-6.41%
-5.9%

-30.4%

-38.5%

Amazon.com Inc.

AMZN,
-5.52%
-5.9%

-22.9%

-31.7%

Qorvo Inc.

QRVO,
-5.94%
-5.7%

-43.7%

-52.0%

Source: FactSet

Click on the tickers for more about each company. Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on MarketWatch quote pages.

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Hear from Ray Dalio at MarketWatch’s Best New Ideas in Money Festival on Sept. 21 and 22 in New York. The hedge-fund pioneer has strong views on where the economy is headed.