The stock market experienced a wave of volatility last week following Kamala Harris’ defeat in the 2024 US Presidential election. Several large-cap stocks, across diverse sectors, took a significant hit.
Here are the top 10 large-cap stocks that were the worst performers in the wake of the election results:
1.
Moderna, Inc. (MRNA)
: Despite a strong third-quarter earnings report, MRNA shares plummeted 12.53%. The decline was attributed to a weakening demand for vaccines and several analysts lowering their price targets.2.
Honda Motor Company, Ltd. (HMC)
: HMC stock took a sharp dive of 11.46%, primarily due to a drop in first-half profits and a revised downward annual profit forecast.3.
Akamai Technologies, Inc. (AKAM)
: AKAM shares fell 10.67% after the company revised its FY24 guidance, reflecting concerns about future growth.4.
Advanced Drainage Systems, Inc. (WMS)
: WMS stock was down 10.53% following a disappointing second-quarter earnings report and a reduction in the FY25 net sales outlook.5.
AstraZeneca PLC (AZN)
: AZN shares experienced a 9.72% drop after reports surfaced of alleged insurance fraud involving senior executives in China.6.
Pinterest, Inc. (PINS)
: PINS stock closed 9.60% lower after the company announced its third-quarter results. The announcement also led to several analysts revising their price forecasts.7.
MercadoLibre, Inc. (MELI)
: MELI shares fell 9.29% following the release of their third-quarter financial results, which did not meet investor expectations.8.
First Solar, Inc. (FSLR)
: FSLR stock dipped 8.64%. The decline could be linked to the election results and investors assessing the potential impact of Donald Trump’s policies on the solar and renewable energy sector.9.
POSCO HOLDINGS INC. (PKX)
: PKX shares were down 8.42% due to a combination of factors including market sentiment and global economic uncertainty.10.
Floor & Decor Holdings, Inc. (FND)
: FND stock dropped 8.22% as investors reacted to the broader market downturn and reassessed the company’s future prospects.It’s important to note that these stock movements are complex and influenced by various factors, including company-specific news, broader market trends, and political events. The post-election market volatility is likely to continue as investors analyze the implications of the new administration’s policies on the economy and specific sectors.
