By Philip van Doorn
U.S. stocks sold off again on Thursday, with CarMax and several vehicle manufacturers and parts makers among the worst performers.
The S&P 500 /zigman2/quotes/210599714/realtime SPX -0.27% fell 2.1% for the session to a new closing low for 2022, with all but 39 stocks showing declines for the day. The benchmark index is down 23.6% for the year.
The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.47% fell 1.5%, while the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.14% fared worst, with a 2.8% drop.
Here’s a year-to-date chart showing the sharp reversal of the recovery that had started after the S&P 500’s June 16 low:
Shares of CarMax Inc. /zigman2/quotes/204412041/composite KMX +2.49% plunged 25% on Thursday, as the used-car giant reported results for its fiscal quarter ended Aug. 31 that missed consensus estimates for sales and earnings among analysts polled by FactSet. The company said its unit sales were hurt by “vehicle affordability challenges that stem from widespread inflationary pressures, as well as climbing interest rates and low consumer confidence.”
Several vehicle manufacturers were among the day’s worst-performing U.S. stocks, including Ford Motor Co. /zigman2/quotes/208911460/composite F -1.11% , General Motors Co. /zigman2/quotes/205226835/composite GM -0.57% and Tesla Inc. /zigman2/quotes/203558040/composite TSLA +1.56% . Parts manufacturers weren’t spared, with BorgWarner Inc. /zigman2/quotes/201434123/composite BWA -0.79% and Aptvi PLC /zigman2/quotes/204162392/composite APTV -0.55% sinking as well.
Tesla’s AI day is on Sept. 30, during which CEO Elon Musk is expected to tout the company’s “Optimus” robot prototype and the development of its Full Self-Driving (FSD) technology. While he rates Tesla a “buy,” with a price target of $360, Wedbush analyst Dan Ives wrote in a note to clients on Sept. 29 that “Musk has faced skeptics as the Street focuses on driving near-term battery technology enhancements, capacity build outs (Berlin, Austin), and fending off rising EV competition from all angles globally, and not humanoid robots.”
Worst performers among the S&P 500
More than 90% of S&P 500-member companies declined on Thursday. Here are the 20 stocks in the benchmark index that fell the most:
| Company | Ticker | Sept. 29 price change | September price change | 2022 price change | Decline from 52-week intraday high | Date of 52-week intraday high |
| CarMax Inc. | /zigman2/quotes/204412041/composite KMX | -24.6% | -26.3% | -50.0% | -58.2% | 11/08/2021 |
| SolarEdge Technologies Inc. | /zigman2/quotes/207754270/composite SEDG | -8.3% | -14.6% | -16.0% | -39.6% | 11/22/2021 |
| Royal Caribbean Group | /zigman2/quotes/208854639/composite RCL | -7.9% | 6.9% | -43.2% | -55.6% | 11/08/2021 |
| Generac Holdings Inc. | /zigman2/quotes/208144117/composite GNRC | -7.1% | -21.0% | -50.5% | -66.8% | 11/02/2021 |
| Carnival Corp. | /zigman2/quotes/202325446/composite CCL | -6.8% | -3.2% | -54.5% | -66.1% | 09/28/2021 |
| Tesla Inc. | /zigman2/quotes/203558040/composite TSLA | -6.8% | -2.7% | -23.9% | -35.3% | 11/04/2021 |
| Aptiv PLC | /zigman2/quotes/204162392/composite APTV | -6.4% | -13.9% | -51.2% | -55.5% | 11/04/2021 |
| Edison International | /zigman2/quotes/206923834/composite EIX | -6.3% | -15.2% | -15.8% | -21.6% | 04/21/2022 |
| Advanced Micro Devices Inc. | /zigman2/quotes/208144392/composite AMD | -6.2% | -24.4% | -55.4% | -61.0% | 11/30/2021 |
| Boeing Co. | /zigman2/quotes/208579720/composite BA | -6.1% | -21.8% | -37.7% | -46.4% | 11/15/2021 |
| Caesars Entertainment Inc. | /zigman2/quotes/205281174/composite CZR | -6.0% | -24.8% | -65.3% | -72.9% | 10/01/2021 |
| V.F. Corp. | /zigman2/quotes/206706147/composite VFC | -5.8% | -25.8% | -58.0% | -61.0% | 11/16/2021 |
| Ford Motor Co. | /zigman2/quotes/208911460/composite F | -5.8% | -24.7% | -44.8% | -55.7% | 01/13/2022 |
| General Motors Co. | /zigman2/quotes/205226835/composite GM | -5.6% | -13.0% | -43.3% | -50.5% | 01/05/2022 |
| Lumen Technologies Inc. | /zigman2/quotes/200067545/composite LUMN | -5.6% | -25.9% | -41.2% | -49.1% | 11/05/2021 |
| BorgWarner Inc. | /zigman2/quotes/201434123/composite BWA | -5.6% | -16.0% | -29.7% | -36.8% | 01/13/2022 |
| Norwegian Cruise Line Holdings Ltd. | /zigman2/quotes/204183397/composite NCLH | -5.3% | 6.0% | -33.2% | -52.9% | 11/05/2021 |
| PPL Corp. | /zigman2/quotes/207772352/composite PPL | -5.2% | -10.8% | -13.7% | -16.3% | 08/17/2022 |
| Xcel Energy Inc. | /zigman2/quotes/200626850/composite XEL | -5.2% | -12.0% | -3.5% | -15.8% | 09/12/2022 |
| Dominion Energy Inc. | /zigman2/quotes/206853976/composite D | -5.1% | -13.1% | -9.5% | -20.0% | 04/11/2022 |
| Source: FactSet | ||||||
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