Investors unloaded U.S. stocks Thursday at the fastest pace since March after the Federal Reserve a day earlier vowed to keep interest rates near zero through 2022 to support the beleaguered economy.
The Dow Jones Industrial Average
DJIA,
plunged 1,862 points, or 6.9%, to close at 25,128.17. The index is now down 11.9% for 2020. (All price changes in this article exclude dividends.) It was the worst day for the Dow since March 16, when it dropped 2,997 points, or 12.9%.
Here’s a price chart showing the Dow’s dramatic performance this year:
FactSet
The S&P 500 Index
SPX,
fell 5.9% and is now down 7.1% this year. Thursday was the worst day for the benchmark index since March 16, when it tumbled 12%.
The Nasdaq Composite Index
COMP,
declined 5.3%, but is now up 5.8% for 2020.
The Fed predicted that the federal funds median rate would average 0.10% through 2022. You can read the central bank’s economic projections here and see related tables here.
Investors were also worried about increases in reported COVID-19 infections in 21 states, as the U.S. economy reopens.
The S&P 500 energy sector was the weakest, as West Texas Intermediate crude oil for July
CLN20,
fell 8.2% to settle at $36.34 a barrel on the New York Mercantile Exchange.
Here’s how the 11 sectors of the S&P 500 performed Thursday:
| S&P 500 sector | Price change – June 11 | Price change – 2020 | Price change – 2019 |
| Energy | -9.5% | -36.2% | 7.6% |
| Financials | -8.2% | -25.2% | 29.2% |
| Materials | -7.7% | -12.3% | 21.9% |
| Industrials | -7.0% | -17.3% | 26.8% |
| Real Estate | -6.3% | -11.3% | 24.9% |
| Information Technology | -5.8% | 6.9% | 48.0% |
| Health Care | -5.6% | -5.2% | 18.7% |
| Consumer Discretionary | -4.9% | 2.3% | 26.2% |
| Communication Services | -4.6% | -1.8% | 30.9% |
| Utilities | -4.0% | -9.7% | 22.2% |
| Consumer Staples | -3.8% | -8.3% | 24.0% |
| Source: FactSet | |||
Airline stocks had been bouncing back, helping to lead the massive rally since the S&P 500 hit its 2020 bottom March 23. But the U.S. Global Jets ETF
JETS,
was down 12.9% on Thursday, while the S&P 500 airline industry group was down 13.8%, according to FactSet. The S&P 500 hotels, resorts and cruise lines industry group plummeted 10.9%.
Dow
Here’s how all 30 components of the Dow Jones Industrial Average performed Thursday:
| Company | Ticker | Price change – June 11 | Price change – 2020 | Price change – 2019 |
| Boeing Co. |
BA, |
-16.4% | -47.8% | 1.0% |
| Dow Inc. |
DOW, |
-9.9% | -28.3% | N/A |
| International Business Machines Corp. |
IBM, |
-9.1% | -12.0% | 17.9% |
| Goldman Sachs Group Inc. |
GS, |
-9.1% | -15.6% | 37.6% |
| Exxon Mobil Corp. |
XOM, |
-8.8% | -33.8% | 2.3% |
| Travelers Companies Inc. |
TRV, |
-8.6% | -19.3% | 14.4% |
| Chevron Corp. |
CVX, |
-8.4% | -25.8% | 10.8% |
| J.P. Morgan Chase & Co. |
JPM, |
-8.3% | -30.3% | 42.8% |
| Caterpillar Inc. |
CAT, |
-8.2% | -17.7% | 16.2% |
| Raytheon Technologies Corp. |
RTX, |
-8.1% | -28.8% | 40.6% |
| Walgreens Boots Alliance Inc. |
WBA, |
-8.0% | -30.9% | -13.7% |
| Cisco Systems Inc. |
CSCO, |
-7.9% | -8.9% | 10.7% |
| Walt Disney Co. |
DIS, |
-7.8% | -22.1% | 31.9% |
| Pfizer Inc. |
PFE, |
-7.3% | -15.0% | -10.2% |
| UnitedHealth Group Inc. |
UNH, |
-7.2% | -3.5% | 18.0% |
| American Express Co. |
AXP, |
-7.1% | -20.8% | 30.6% |
| 3M Co. |
MMM, |
-7.0% | -13.6% | -7.4% |
| Nike Inc. Class B |
NKE, |
-6.8% | -6.1% | 36.6% |
| Intel Corp. |
INTC, |
-6.5% | -0.3% | 27.5% |
| Coca-Cola Co. |
KO, |
-6.3% | -17.7% | 16.9% |
| Home Depot Inc. |
HD, |
-5.9% | 9.7% | 27.1% |
| Visa Inc. Class A |
V, |
-5.8% | 0.5% | 42.4% |
| Merck & Co. Inc. |
MRK, |
-5.4% | -15.0% | 19.0% |
| Microsoft Corp. |
MSFT, |
-5.4% | 18.1% | 55.3% |
| Apple Inc. |
AAPL, |
-4.8% | 14.4% | 86.2% |
| Johnson & Johnson |
JNJ, |
-4.7% | -3.4% | 13.0% |
| McDonald’s Corp. |
MCD, |
-4.2% | -5.1% | 11.3% |
| Verizon Communications Inc. |
VZ, |
-2.8% | -8.1% | 9.2% |
| Procter & Gamble Co. |
PG, |
-2.5% | -6.9% | 35.9% |
| Walmart Inc. |
WMT, |
-0.9% | 1.1% | 27.6% |
| Source: FactSet | ||||
Scroll the table to see all the data. Click on the tickers for more about each company.
S&P 500
Among the S&P 500, all were down Thursday except for Kroger
KR,
which was up slightly. Here are the 20 worst performers among the S&P 500 on Thursday:
| Company | Ticker | Price change – June 11 | Price change – 2020 | Price change – 2019 |
| Norwegian Cruise Line Holdings Ltd. |
NCLH, |
-16.5% | -70.5% | 37.8% |
| Boeing Co. |
BA, |
-16.4% | -47.8% | 1.0% |
| Occidental Petroleum Corp. |
OXY, |
-16.1% | -57.8% | -32.9% |
| United Airlines Holdings Inc. |
UAL, |
-16.1% | -62.2% | 5.2% |
| Alliance Data Systems Corp. |
ADS, |
-15.9% | -57.6% | -25.2% |
| Oneok Inc. |
OKE, |
-15.8% | -53.3% | 40.3% |
| American Airlines Group Inc. |
AAL, |
-15.5% | -49.9% | -10.7% |
| Halliburton Co. |
HAL, |
-15.4% | -49.8% | -7.9% |
| Carnival Corp. |
CCL, |
-15.3% | -65.7% | 3.1% |
| Royal Caribbean Cruises Ltd. |
RCL, |
-14.3% | -59.2% | 36.5% |
| Alaska Air Group Inc. |
ALK, |
-14.2% | -47.5% | 11.3% |
| National Oilwell Varco Inc. |
NOV, |
-14.2% | -49.5% | -2.5% |
| Delta Air Lines Inc. |
DAL, |
-14.0% | -53.5% | 17.2% |
| Apache Corp. |
APA, |
-13.8% | -50.0% | -2.5% |
| Freeport-McMoRan Inc. |
FCX, |
-13.6% | -24.5% | 27.3% |
| Citigroup Inc. |
C, |
-13.4% | -39.4% | 53.5% |
| Simon Property Group Inc. |
SPG, |
-13.4% | -51.7% | -11.3% |
| Howmet Aerospace Inc. |
HWM, |
-13.3% | -48.1% | 82.5% |
| LyondellBasell Industries NV |
LYB, |
-13.1% | -32.4% | 13.6% |
| MGM Resorts International |
MGM, |
-13.0% | -46.4% | 37.1% |
| Source: FactSet | ||||
Nasdaq
Here are the 10 components of the Nasdaq-100 Index
NDX,
that declined the most Thursday:
| Company | Ticker | Price change – June 11 | Price change – 2020 | Price change – 2019 |
| United Airlines Holdings Inc. |
UAL, |
-16.1% | -62.2% | 5.2% |
| Expedia Group Inc. |
EXPE, |
-11.0% | -28.1% | -4.0% |
| NetApp Inc. |
NTAP, |
-11.0% | -33.9% | 4.3% |
| Align Technology Inc. |
ALGN, |
-10.9% | -14.6% | 33.2% |
| Marriott International Inc. Class A |
MAR, |
-10.9% | -39.6% | 39.5% |
| Western Digital Corp. |
WDC, |
-9.6% | -33.3% | 71.7% |
| CDW Corp. |
CDW, |
-9.2% | -22.6% | 76.2% |
| Automatic Data Processing Inc. |
ADP, |
-8.4% | -16.1% | 30.0% |
| Booking Holdings Inc. |
BKNG, |
-8.4% | -22.7% | 19.2% |
| Starbucks Corp. |
SBUX, |
-8.2% | -17.5% | 36.5% |
| Source: FactSet | ||||
Source : MTV
