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If you’re looking for direction, buy an atlas but don’t ask Wall Street.
The market continues to bounce around like a pogo stick this week as investors search for some kind of catalyst. It could arrive as soon as Friday when three of the biggest banks are scheduled to report earnings.
For now, there’s less to chew on from a corporate perspective which means that events in Washington could continue to drive trading. Today brings what political analysts expect to be the second impeachment of President Trump in a little over a year. With the D.C. situation so unsettled one week before a new administration takes office, some of that uncertainty might hit the market. Stocks were in the red leading up to Wednesday’s opening bell following Tuesday’s turnaround.
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The S&P 500 delivered one of its surprising years in recent history in 2020, gaining more than 15%. Most U.S. investors had a lot of winners in their portfolios this year, but some stocks certainly performed better than others.
Here’s a look at the 10 worst-performing stocks in the entire S&P 500 in 2019, as of the Dec. 29 closing price.
Occidental Petroleum Corporation (NYSE: OXY)
Investors will notice a common theme among these worst-performing stocks. Travel restrictions and economic shutdowns crushed oil industry demand and oil stocks in 2020, and Occidental was the hardest-hit in the group. The stock dropped 57.7% in 2020, more than any other S&P 500 stock.
Carrier Global Corp (NYSE: CARR)
Nvidia Corporation (NASDAQ: NVDA)
Paypal Holdings Inc (NASDAQ: PYPL)
April
One stock that has been on an upward trajectory since the outbreak of the COVID-19 pandemic is
Moderna Inc (NASDAQ: MRNA), a clinical-stage mRNA company. The Cambridge, Massachusetts-based company first announced a collaboration with the National Institute of Allergy and Infectious Diseases to develop a COVID-19 vaccine on Jan. 23.
Back in mid-April, the enrollment of participants for the highest dose arm was underway in the Phase 1 study of mRNA-1273, its vaccine candidate for the new coronavirus, SARS-CoV-2. The vaccine received emergency use authorization from the FDA on Dec. 18.
Credit Bureau of Land Management
The U.S. Department of the Interior has issued a record of decision allowing the Converse County Oil and Gas Project to move forward.
The decision paves the way for 5,000 new oil and gas wells to be drilled, though not immediately. Construction and development will require site-specific review and approval.
The record of decision will allow the new wells to be drilled on 1,500 multi-well pads across 1.5 million acres over a period of 10 years. The total estimated new surface disturbance for the proposed action would be about 53,000 acres of 3.5 percent of the project area. The action also specifies year-round development with exceptions to time limitation restrictions that serve to protect non-eagle raptors.