Wall Street slides, S&P 500 worst first half of the year since 1970: Weekly Stock Market Update

Last Week’s Top Five Market Winners

Nasdaq Stock Market (NASDAQ)

The past week included significant gains for Axsome Therapeutics (AXSM), Rigel Pharmaceuticals Inc. (RIGL), 2U, Inc. (TWOU), Trip.com Group Ltd (TCOM.CH), and BioNTech SE (BNTX). 

  • Shares of Axsome Therapeutics (AXSM) rose more than 66% last week, after the biopharma company received the proposed FDA labelling for its experimental medication for major depressive disorder, AXS-05.
  • Rigel Pharmaceuticals Inc. (RIGL) shares hit a 52-week low in early June at 0.63 cents per share, tumbling more than 80% over the past year. Since then, Rigel doubled its share price to $1.25 per share on Friday, with a gain of 22% over the past week.
  • 2U, Inc. (TWOU) shares soared last week by almost 20%, after Indian online education provider Byju made an offer to buy the edtech company in a cash deal valued at over $1 billion.
  • Shares of Trip.com Group Ltd (TCOM.CH) surged more than 17% over the past week after posting a positive earnings report, as well as analysts’ raising the target price on the stock and upgrading it to an “outperform” rating.
  • BioNTech SE (BNTX) shares jumped more than 17% over the past week following an announcement that the US government had signed a new supply agreement for its Covid vaccine.


Axsome Therapeutics (AXSM) 16.18 (+66.15%) 40.64 Consumer Goods
Rigel Pharmaceuticals Inc. (RIGL) 0.23 (+22.55%) 1.25 Consumer Goods
2U, Inc. (TWOU) 2.04 (+19.98%) 12.25 Consumer Goods
Trip.com Group Ltd (TCOM.CH) 4.14 (+17.51%) 27.79 Services
BioNTech SE (BNTX) 23.46 (+17.50%) 739.46 Consumer Goods


New York Stock Exchange (NYSE)

Strong results were recorded on the New York Stock Exchange for Resolute Forest Products Inc. (RFP), Invesco Mortgage Capital Inc. (IVR), Coupang Inc. (CPNG), Yum China Holdings, Inc. (YUMC),  and Autohome (ATHM.CH).

  • Shares of Resolute Forest Products Inc. (RFP) surged 20% last week after receiving six “Moderate Buy” ratings from analysts covering the pulp and paper company.
  • Shares of South Korea based Coupang Inc. (CPNG) jumped 16% over the past week after a Credit Suisse report stated in a research note that a consumer spending slowdown was already factored into the stock price of the end-to-end e-commerce company.
  • Yum China Holdings, Inc. (YUMC) shares jumped 15% last week after investment services provider IFM acquired a new position in the fast food restaurant company. Nonetheless, the company is still down more than 20% over the past year. 
  • Shares of software company Invesco Mortgage Capital Inc. (IVR) continued their rebound last week gaining 15%. In early June, the stock plunged more than 40% to a 52-week low of less than $10. However, since then, the company has been slowly rallying from its losses.
  •  Autohome (ATHM.CH) shares popped more than 12% after receiving an analyst upgrade.


Resolute Forest Products Inc. (RFP) 2.46 (+20.33%) 14.56 Consumer Goods
Coupang Inc. (CPNG) 2.13 (+16.50%) 15.04 Technology
Yum China Holdings, Inc. (YUMC) 6.78 (+15.47%) 50.62 Consumer Goods
Invesco Mortgage Capital Inc. (IVR) 1.97 (+14.69%) 15.38 Financial
Autohome (ATHM.CH) 4.27 (+12.17%) 39.35 Technology


Last Week’s Top Five Market Losers

Nasdaq Stock Market (NASDAQ)

The last seven days were less than ideal for Bed Bath & Beyond Inc. (BBBY), RealReal Inc/The (REAL), Groupon, Inc. (GRPN), EVgo, Inc. (EVGO), and Affirm (AFRM).

  • Bed Bath & Beyond Inc. (BBBY) shares tanked more than 30% last week after the retailer reported major losses for the fiscal first quarter, and announced that President and CEO Mark Tritton was leaving the company.
  • RealReal Inc/The (REAL) plummeted 31% this week after investment banking firm Stifel Nicolaus lowered the stock’s price objective. The last year has been brutal for RealReal as its share price has declined more than 75%. 
  • Groupon, Inc. (GRPN) dropped 30% this week, reaching a 52-week low of under $11 per share. Since last July, the stock has dropped more than 70% and its turnaround strategy is not looking bright.  
  • Shares of EVgo, Inc. (EVGO) plummeted more than 26% over the last week after a report from Fuzzy Panda claimed that the company’s EV chargers are out of service or damaged. 
  • Affirm (AFRM) saw its shares tumble as the Federal Reserve inflation indicator revealed that consumer prices and inflation remained high in May, hurting the “buy now, pay later” company.


Bed Bath & Beyond Inc. (BBBY) -2.29 (-32.91%)  4.71 Services
RealReal Inc/The (REAL) -1.16 (-31.96%) 2.47 Services
Groupon, Inc. (GRPN) -4.71 (-30%) 10.99 Services
EVgo, Inc. (EVGO) -2.05 (-26.69%) 5.63 Consumer Goods
Affirm (AFRM) -6.09 (-26.16%)  17.19 Consumer Goods


New York Stock Exchange (NYSE) 

On the New York Stock Exchange, Carvana Co. (CVNA), Kohl’s Corp (KSS), Avaya Holdings Corp. (AVYA),  Wayfair Inc. (W), and Farfetch (FTCH) all experienced negative movement over the past week.

  • Carvana Co. (CVNA) shares crashed more than 30% last week following a Barron piece alleging that the company occasionally sold cars before it even possessed the title to them.
  • Shares of Kohl’s Corp (KSS) plunged last week after the department store chain broke off negotiations for a potential buyout offer from Vitamin Shoppe owner Franchise Group, citing weak markets and challenging financial conditions.
  • Avaya Holdings Corp. (AVYA) stock dropped 26% last week following a downgrade by Cowen analyst Lance Vitanza.
  • Wayfair Inc. (W) shares dropped after the e-commerce company posted a negative  update to its full-year 2022 guidance.
  • Farfetch (FTCH) shares fell more than 22% last week as the UBS investment bank revised its forecast, updated estimates, and stopped advising customers to purchase the stock.


Carvana Co. (CVNA) -9.65 (-30.62%) 21.87 Consumer Goods
Kohl’s Corp (KSS) -10.57 (-26.93%) 28.68 Services
Avaya Holdings Corp. (AVYA) -0.77 (-26.83%) 2.10 Technology
Wayfair Inc. (W) -14.03 (-23.64%) 45.32 Services
Farfetch (FTCH) -2.16 (-22.91%) 7.27 Technology


Highlights and Lowlights

Wall Street failed to build on its positive momentum from last week as major US indices closed out the week lower. The NASDAQ 100 fell around 4.5% while the SPX500 dropped approximately 2.5% and the DJ30 shed 1.4%. As the first half of the year comes to a close, the S&P 500 is down 21%, its worst first-half year since 1970. For the month of June alone, the S&P 500 fell 8%. In June, consumer confidence also reached a 16-month low as reported by the Conference Board, mainly driven by inflation concerns.

Bitcoin was down more than 10% over the past week, sliding under $19,000 at the beginning of the week. Major cryptos were mostly down digital digits with Ethereum down 15% and Solana the biggest loser down more than 20%.  

Wheat continues to tumble, falling more than 21% in June, and trading is at its lowest price since February 22, as the Russia-Ukraine war began. The price of natural gas fell more than 30%, and finished off June trading at its lowest since late March 2022.

What’s in Store for the Week?

Monday is July 4th and US markets will be closed in honour of Independence Day. Earnings season for the first quarter of 2022 is winding down. For a list of all companies set to report earnings this week, see the eToro earnings season calendar.

On Tuesday, the Reserve Bank of Australia will release its rate statement. The FOMC will release minutes from its June meeting on Wednesday, when the public will get a chance to see the deliberations before the last interest rate hike. On Thursday, Automatic Data Processing will release employment data for the month of June, and on Friday, the Bureau of Labor Statistics will release hourly wage and unemployment data also for the month of June.