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U.S. stocks posted broad declines to start the new month, as disappointing earnings reports and a set of economic numbers soured investors’ mood.
• The Dow Jones Industrial Average DJIA, -2.55% sank 622 points, or 2.6%, to close at 23,723.69. The index is now down 19.7% from its closing high Feb. 12, but up 27.6% from its 2020 closing low set March 23. (All figures in this article exclude dividends.)
• The S&P 500 Index SPX, -2.80% was down 2.8% and ended 16.4% below its record closing level set Feb. 19, and was 26.5% above its 2020 closing low set March 23.
• The Nasdaq Composite Index COMP, -3.20% was worst of the three Friday with a 3.2% slide, ending 12.3% below its record closing high Feb. 19, but up 25.4% from its 2020 closing low set March 23.
The Institute for Supply Management said its manufacturing index fell during April to 41.5% from 49.1% in March. The April level was the lowest since April 2009. Any reading below 50% indicates contraction of the manufacturing sector.
Amazon.com AMZN, -7.59% had been a market leader during the COVID-19 lockdown, but its shares fell 8% after CEO Jeff Bezos told shareholders Thursday after the market closed that they “may want to take a seat” because of plans to spend its entire second-quarter operating profit.
Investors were also disappointed with Apple’s AAPL, -1.61% earnings report released Thursday after the market close because of a decision by the company not to provide forecasts. The iPhone maker boosted its stock buyback program by $50 billion.
Shares of Tesla fell 10% on Friday after CEO Elon Musk said during market hours Friday that the electric-car maker’s share price was too high.
Boeing’s BA, -5.42% stock was down 5% on Friday after the company announced $25 billion in new debt offerings.
Dow
All but one of the components of the Dow Jones Industrial Average fell Friday:
| Company | Ticker | Price change – May 1 | Price change – 2020 | Price change – 2019 |
| Dow Inc. | DOW, -7.52% | -7.5% | -38.0% | N/A |
| Exxon Mobil Corp. | XOM, -7.16% | -7.2% | -38.2% | 2.3% |
| United Technologies Corp. | UTX, +2.36% | -5.7% | -30.8% | 40.6% |
| Boeing Co. | BA, -5.42% | -5.4% | -59.1% | 1.0% |
| Travelers Companies Inc. | TRV, -5.09% | -5.1% | -29.9% | 14.4% |
| Caterpillar Inc. | CAT, -4.72% | -4.7% | -24.9% | 16.2% |
| Intel Corp. | INTC, -4.18% | -4.2% | -4.0% | 27.5% |
| Walgreens Boots Alliance Inc. | WBA, -3.76% | -3.8% | -29.3% | -13.7% |
| Goldman Sachs Group Inc. | GS, -3.44% | -3.4% | -23.0% | 37.6% |
| Cisco Systems Inc. | CSCO, -3.44% | -3.4% | -14.7% | 10.7% |
| American Express Co. | AXP, -3.21% | -3.2% | -29.1% | 30.6% |
| International Business Machines Corp. | IBM, -2.93% | -2.9% | -9.1% | 17.9% |
| Chevron Corp. | CVX, -2.78% | -2.8% | -25.8% | 10.8% |
| UnitedHealth Group Inc. | UNH, -2.72% | -2.7% | -3.2% | 18.0% |
| J.P. Morgan Chase & Co. | JPM, -2.62% | -2.6% | -33.1% | 42.8% |
| McDonald’s Corp. | MCD, -2.61% | -2.6% | -7.6% | 11.3% |
| Microsoft Corp. | MSFT, -2.58% | -2.6% | 10.7% | 55.3% |
| Walt Disney Co. | DIS, -2.45% | -2.5% | -27.1% | 31.9% |
| 3M Co. | MMM, -2.18% | -2.2% | -15.8% | -7.4% |
| Merck & Co. Inc. | MRK, -2.10% | -2.1% | -14.6% | 19.0% |
| Nike Inc. Class B | NKE, -1.88% | -1.9% | -15.6% | 36.6% |
| Pfizer Inc. | PFE, -1.87% | -1.9% | -3.9% | -10.2% |
| Visa Inc. Class A | V, -1.76% | -1.8% | -6.6% | 42.4% |
| Apple Inc. | AAPL, -1.61% | -1.6% | -1.6% | 86.2% |
| Johnson & Johnson | JNJ, -1.16% | -1.2% | 1.7% | 13.0% |
| Verizon Communications Inc. | VZ, -1.07% | -1.1% | -7.4% | 9.2% |
| Procter & Gamble Co. | PG, -0.89% | -0.9% | -6.5% | 35.9% |
| Coca-Cola Co. | KO, -0.63% | -0.6% | -17.6% | 16.9% |
| Home Depot Inc. | HD, -0.57% | -0.6% | 0.1% | 27.1% |
| Walmart Inc. | WMT, +1.12% | 1.1% | 3.4% | 27.6% |
| Source: FactSet | ||||
Click on the tickers for more about each company. Scroll the table to see all the data.
Dow Inc. DOW, -7.52% was the worst performer in the Dow, even though the company met analysts’ expectations for first-quarter net income and beat sales estimates.
S&P 500
Among the S&P 500, 471 stocks declined Friday. Here are the day’s 10 worst performers:
| Company | Ticker | Price change – May 1 | Price change – 2020 | Price change – 2019 |
| Weyerhaeuser Co. | WY, -17.83% | -17.8% | -40.5% | 38.2% |
| Norwegian Cruise Line Holdings Ltd. | NCLH, -15.61% | -15.6% | -76.3% | 37.8% |
| Helmerich & Payne Inc. | HP, -14.97% | -15.0% | -63.0% | -5.2% |
| Apache Corp. | APA, -13.76% | -13.8% | -55.9% | -2.5% |
| Royal Caribbean Cruises Ltd. | RCL, -12.82% | -12.8% | -69.5% | 36.5% |
| Carnival Corp. | CCL, -12.39% | -12.4% | -72.6% | 3.1% |
| Western Digital Corp. | WDC, -12.15% | -12.2% | -36.2% | 71.7% |
| Newell Brands Inc | NWL, -11.52% | -11.5% | -36.1% | 3.4% |
| American Airlines Group Inc. | AAL, -11.40% | -11.4% | -62.9% | -10.7% |
| MGM Resorts International | MGM, -10.81% | -10.8% | -54.9% | 37.1% |
| Source: FactSet | ||||
Nasdaq-100
Here are Friday’s worst 10 performers among components of the Nasdaq-100 Index NDX, -3.13% :
| Company | Ticker | Price change – May 1 | Price change – 2020 | Price change – 2019 |
| Western Digital Corp. | WDC, -12.15% | -12.2% | -36.2% | 71.7% |
| Tesla Inc. | TSLA, -10.30% | -10.3% | 67.6% | 25.7% |
| United Airlines Holdings Inc. | UAL, -10.00% | -10.0% | -69.8% | 5.2% |
| KLA Corp. | KLAC, -8.42% | -8.4% | -15.7% | 99.1% |
| Lam Research Corp. | LRCX, -7.93% | -7.9% | -19.6% | 114.7% |
| Amazon.com Inc. | AMZN, -7.59% | -7.6% | 23.7% | 23.0% |
| Microchip Technology Inc. | MCHP, -7.07% | -7.1% | -22.2% | 45.6% |
| Marriott International Inc. Class A | MAR, -6.80% | -6.8% | -44.0% | 39.5% |
| Autodesk Inc. | ADSK, -6.53% | -6.5% | -4.7% | 42.6% |
| Cadence Design Systems Inc. | CDNS, -6.52% | -6.5% | 9.3% | 59.5% |
| Source: FactSet | ||||
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