The stock market is having one of the worst starts to a year ever, with big names like Moderna and Netflix leading declines, as many of the top stocks continue to fall out of favor with investors.
Some of the hottest stocks are among the worst performers.
Three stocks in the S&P 500 have led the market's declines this month, each falling more than 30% through Friday.
Moderna, one of last year's top performing stocks, is down nearly 40% due to growing research suggesting the firm's booster shot is less effective against the omicron variant.
This month, the shares of the streaming giant have plummeted due to lackluster fourth quarter earnings which showed a continued slowdown in subscriber growth.
Another favorite stock that rose 324% in 2020 is down 35% this month as investors continue to dump risky growth stocks and into safer value bets.
Advanced Micro Devices, chipmaker Nvidia, and Domino's Pizza are some of the notablelosers this month.
Almost half of the stocks in the S&P 500 are now down more than 10%, as the market selloff has been widespread.
Most of the S&P 500's top performing stocks so far this year are oil and gas companies. Gains are led by the likes of Exxon Mobil, which is up 23%. The price of oil has risen for six weeks in a row, with concerns of tight supply and rising demand driving the price higher.
The stock market has swung wildly in the past few weeks as investors fear the Federal Reserve will raise interest rates. Tech and growth stocks have been hit hard by that sentiment. The tech-laden index is on pace for its worst January ever, and its worst month since the financial crisis in October 2008, when it plunged over 17%. The S&P 500 briefly fell into correction territory, at one point 10% below its record high, as market volatility surged this past week.
The Federal Reserve Hikes Interest Rate to Fight Inflation.
The stock market is setting in panic as the S&P 500 briefly enters correction territory.
Moderna stock crash increases losses to over $130 billion.
Following a disappointing earnings report, the stock of the streaming service fell by 20%.
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