Tuesday's Market Minute: September's Best & Worst Performers (So Far)

With September officially more than halfway over, and only nine trading sessions left in the month, overall market sentiment is diminishing – and perhaps even more quickly than many would have anticipated. So far for the month, the S&P 500 is down about 1.4%, the Dow Jones Industrial Average is slipping over 1.5%, the Russell 3000 has shed 1.7%, and the worst-performer of the bunch by far is the Nasdaq, down 2.6% MTD (through Monday’s close). The CBOE Market Volatility Index (VIX) is roughly 50% elevated on a YTD basis, but down 0.3% this month through Monday, and ahead of the next critical market catalyst – the FOMC meeting starting today through Wednesday. 

With this major market event now on deck, let’s recap the last 12 trading sessions and which stocks are currently leading and lagging. 

No surprise, the biggest loser in the S&P 500 so far this month is FedEx (FDX), down almost 23% after issuing a profit warning last week and unexpectedly posting dismal quarterly revenue and earnings – a week ahead of when the shipping giant was slated to report. The CEO threw out the word “recession,” and mentioned that global volumes declined as macroeconomic trends significantly worsened later in the quarter – both in the U.S. and internationally. This dragged on several other logistics companies like Packaging Corp. (PKG), UPS (UPS), Amazon (AMZN), and International Paper (IP), as well as the overall market. 

The next worst performer for the month is Adobe (ADBE), following a negative reaction to its 3Q print and $20B deal to acquire Figma – which had many analysts scratching their heads given the hefty price tag. Other major declines in the index for September include Western Digital (WDC), Eastman Chemical (EMN), and once again, International Paper (IP) – all down 12% or greater. 

But while much of the overall sentiment has become increasingly bearish, the gains within the S&P 500 were just as strong. Cruise lines dominated this month, with Royal Caribbean (RCL) up 24%, Norwegian Cruise Line (NCLH) up over 17%, and Carnival (CCL) also 14% higher MTD. Other notable winners include Regeneron Pharmaceuticals (REGN) up 23%, and Tesla (TSLA), jumping 12%. Honorary mention goes to Netflix (NFLX), which is pacing to be a top-20 performer within the index, up almost 9% for September.  

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