{"id":31011,"date":"2023-07-03T20:14:27","date_gmt":"2023-07-04T00:14:27","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/battered-banks-and-vaccine-makers\/"},"modified":"2023-07-03T20:14:28","modified_gmt":"2023-07-04T00:14:28","slug":"battered-banks-and-vaccine-makers","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31011","title":{"rendered":"Battered Banks And Vaccine Makers"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>High-profile collapses in bank stocks and losses for major healthcare and energy companies headlined the biggest names losing out on 2023\u2019s broader market rally.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Banking turmoil was behind much of the market\u2019s less fortunate spots; investors in <strong>First Republic, Signature <\/strong>and <strong>Silicon Valley Bank <\/strong>saw their investments turn to dust earlier this year after they became three of the four largest American banks to ever fail, with each subsequently losing their spots on the S&amp;P 500<strong>.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Still, 19 of the S&amp;P\u2019s 50 worst performers year-to-date are financial services stocks, including slumping but still alive regional banks <strong>KeyCorp<\/strong> (down 45%) and <strong>Zions<\/strong> (down 43%), the second and third-worst performers on the S&amp;P, respectively.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Broadly, the S&amp;P\u2019s financial sector is down 2% year-to-date, making it the worst-performing sector, followed by energy (down 8%), utilities (8%) and healthcare (3%).<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Pharmaceutical giant <strong>Pfizer<\/strong> (down 27%) is the worst-performing stock with a market capitalization over $200 billion due in part to a decline in Covid-19 vaccine sales; vaccine rival <strong>Moderna<\/strong> is similarly down 33%.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>Overall, <strong>Advance Auto Parts<\/strong> (down 51%) is the S&amp;P\u2019s worst performer of 2023 after it fell far short on its first quarter earnings estimates as profits dwindled due to price cuts.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>The slump in energy, healthcare and utility stocks follows a year in which the three sectors were the only positive returners on the S&amp;P. The energy sector gained 66% in 2022 as soaring oil and commodity prices led to record profits at oil and gas giants like Chevron and Exxon, whose shares each touched all-time highs last year. But the well\u2019s run dry for the sector thus far this year as energy prices stabilized. Pfizer and Moderna\u2019s combined market capitalization is down some $260 billion from September 2021 as each reported 30% and 70% annual declines in revenue during 2023\u2019s first quarter and forecasted further pain as the pandemic subsides.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Crucial Quotes<\/h2>\n<p>Small and mid-sized banks \u201cwill have a very difficult time moving forward,\u201d Wells Fargo Investment Institute Sameer Samana said on a conference call last month, putting a sell rating for the regional banking stocks even after they plunged following prior failures. \u201cIt\u2019s not just a 30-day flash in the pan and you go merrily into the night, this crisis could take 12-18 months to play out\u201d and possibly claim more banks, Samana\u2019s colleague Darrell Cronk added.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>Outside the S&amp;P, retailer <strong>Walgreens<\/strong> (down 24%) is the worst performer on the Dow Jones Industrial Average as the pharmacy reported a steep decline in Covid-related revenues, and Chinese retailer <strong>JD.com<\/strong> (down 39%) is the Nasdaq\u2019s biggest loser as concerns about China\u2019s economic recovery mounted.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Best Stocks Of 2023\u2019s First Half: Nvidia Leads Big Tech Renaissance (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/07\/03\/worst-stocks-of-2023s-first-half-battered-banks-and-vaccine-makers\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline High-profile collapses in bank stocks and losses for major healthcare and energy companies headlined the biggest names losing out on 2023\u2019s broader market rally. Key Facts Banking turmoil was behind much of the market\u2019s less fortunate spots; investors in First Republic, Signature and Silicon Valley Bank saw their investments turn to dust earlier this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":31012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-31011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Battered Banks And Vaccine Makers | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline High-profile collapses in bank stocks and losses for major healthcare and energy companies headlined the biggest names losing out on 2023\u2019s\" \/>\n<meta name=\"robots\" content=\"index, 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