By 
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,
-41.10%
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,
-2.18%.
(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
TMUBMUSD10Y,
2.728%
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.
-10%
-6.7%
-25.4%
02/10/2022
Meta Platforms Inc. Class A
-10%
-47.3%
-53.9%
09/01/2021
Interpublic Group of Companies Inc.
-10%
-24.6%
-29.4%
02/09/2022
Carnival Corp.
-9%
-40.7%
-62.2%
06/08/2021
Caesars Entertainment Inc.
-9%
-52.9%
-63.3%
10/01/2021
DexCom Inc.
-8%
-44.7%
-55.0%
11/18/2021
Norwegian Cruise Line Holdings Ltd.
-8%
-33.0%
-59.1%
06/09/2021
Warner Bros. Discovery Inc. Series A
-8%
-28.3%
-48.5%
05/27/2021
Penn National Gaming Inc.
-8%
-44.4%
-66.6%
09/08/2021
Alphabet Inc. Class A
-8%
-28.8%
-32.0%
02/02/2022
Royal Caribbean Group
-7%
-33.3%
-47.8%
11/08/2021
Generac Holdings Inc.
-7%
-39.3%
-59.2%
11/02/2021
Etsy Inc.
-7%
-67.7%
-77.0%
11/26/2021
Moderna Inc.
-7%
-49.6%
-74.3%
08/10/2021
MGM Resorts International
-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
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