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Investors unloaded U.S. stocks Thursday at the fastest pace since March after the Federal Reserve a day earlier vowed to keep interest rates near zero through 2022 to support the beleaguered economy.
The Dow Jones Industrial Average DJIA, -6.89% plunged 1,862 points, or 6.9%, to close at 25,128.17. The index is now down 11.9% for 2020. (All price changes in this article exclude dividends.) It was the worst day for the Dow since March 16, when it dropped 2,997 points, or 12.9%.
Here’s a price chart showing the Dow’s dramatic performance this year:
FactSet
The S&P 500 Index SPX, -5.89% fell 5.9% and is now down 7.1% this year. Thursday was the worst day for the benchmark index since March 16, when it tumbled 12%.
The Nasdaq Composite Index COMP, -5.26% declined 5.3%, but is now up 5.8% for 2020.
The Fed predicted that the federal funds median rate would average 0.10% through 2022. You can read the central bank’s economic projections here and see related tables here.
Investors were also worried about increases in reported COVID-19 infections in 21 states, as the U.S. economy reopens.
The S&P 500 energy sector was the weakest, as West Texas Intermediate crude oil for July CLN20, -8.66% fell 8.2% to settle at $36.34 a barrel on the New York Mercantile Exchange.
Here’s how the 11 sectors of the S&P 500 performed Thursday:
| S&P 500 sector | Price change – June 11 | Price change – 2020 | Price change – 2019 |
| Energy | -9.5% | -36.2% | 7.6% |
| Financials | -8.2% | -25.2% | 29.2% |
| Materials | -7.7% | -12.3% | 21.9% |
| Industrials | -7.0% | -17.3% | 26.8% |
| Real Estate | -6.3% | -11.3% | 24.9% |
| Information Technology | -5.8% | 6.9% | 48.0% |
| Health Care | -5.6% | -5.2% | 18.7% |
| Consumer Discretionary | -4.9% | 2.3% | 26.2% |
| Communication Services | -4.6% | -1.8% | 30.9% |
| Utilities | -4.0% | -9.7% | 22.2% |
| Consumer Staples | -3.8% | -8.3% | 24.0% |
| Source: FactSet | |||
Airline stocks had been bouncing back, helping to lead the massive rally since the S&P 500 hit its 2020 bottom March 23. But the U.S. Global Jets ETF JETS, -12.84% was down 12.9% on Thursday, while the S&P 500 airline industry group was down 13.8%, according to FactSet. The S&P 500 hotels, resorts and cruise lines industry group plummeted 10.9%.
Dow
Here’s how all 30 components of the Dow Jones Industrial Average performed Thursday:
| Company | Ticker | Price change – June 11 | Price change – 2020 | Price change – 2019 |
| Boeing Co. | BA, -16.42% | -16.4% | -47.8% | 1.0% |
| Dow Inc. | DOW, -9.91% | -9.9% | -28.3% | N/A |
| International Business Machines Corp. | IBM, -9.13% | -9.1% | -12.0% | 17.9% |
| Goldman Sachs Group Inc. | GS, -9.08% | -9.1% | -15.6% | 37.6% |
| Exxon Mobil Corp. | XOM, -8.82% | -8.8% | -33.8% | 2.3% |
| Travelers Companies Inc. | TRV, -8.62% | -8.6% | -19.3% | 14.4% |
| Chevron Corp. | CVX, -8.41% | -8.4% | -25.8% | 10.8% |
| J.P. Morgan Chase & Co. | JPM, -8.34% | -8.3% | -30.3% | 42.8% |
| Caterpillar Inc. | CAT, -8.22% | -8.2% | -17.7% | 16.2% |
| Raytheon Technologies Corp. | RTX, -8.06% | -8.1% | -28.8% | 40.6% |
| Walgreens Boots Alliance Inc. | WBA, -7.97% | -8.0% | -30.9% | -13.7% |
| Cisco Systems Inc. | CSCO, -7.90% | -7.9% | -8.9% | 10.7% |
| Walt Disney Co. | DIS, -7.80% | -7.8% | -22.1% | 31.9% |
| Pfizer Inc. | PFE, -7.29% | -7.3% | -15.0% | -10.2% |
| UnitedHealth Group Inc. | UNH, -7.20% | -7.2% | -3.5% | 18.0% |
| American Express Co. | AXP, -7.12% | -7.1% | -20.8% | 30.6% |
| 3M Co. | MMM, -7.02% | -7.0% | -13.6% | -7.4% |
| Nike Inc. Class B | NKE, -6.80% | -6.8% | -6.1% | 36.6% |
| Intel Corp. | INTC, -6.52% | -6.5% | -0.3% | 27.5% |
| Coca-Cola Co. | KO, -6.33% | -6.3% | -17.7% | 16.9% |
| Home Depot Inc. | HD, -5.88% | -5.9% | 9.7% | 27.1% |
| Visa Inc. Class A | V, -5.78% | -5.8% | 0.5% | 42.4% |
| Merck & Co. Inc. | MRK, -5.40% | -5.4% | -15.0% | 19.0% |
| Microsoft Corp. | MSFT, -5.37% | -5.4% | 18.1% | 55.3% |
| Apple Inc. | AAPL, -4.80% | -4.8% | 14.4% | 86.2% |
| Johnson & Johnson | JNJ, -4.68% | -4.7% | -3.4% | 13.0% |
| McDonald’s Corp. | MCD, -4.23% | -4.2% | -5.1% | 11.3% |
| Verizon Communications Inc. | VZ, -2.75% | -2.8% | -8.1% | 9.2% |
| Procter & Gamble Co. | PG, -2.49% | -2.5% | -6.9% | 35.9% |
| Walmart Inc. | WMT, -0.88% | -0.9% | 1.1% | 27.6% |
| Source: FactSet | ||||
Scroll the table to see all the data. Click on the tickers for more about each company.
S&P 500
Among the S&P 500, all were down Thursday except for Kroger KR, +0.39%, which was up slightly. Here are the 20 worst performers among the S&P 500 on Thursday:
| Company | Ticker | Price change – June 11 | Price change – 2020 | Price change – 2019 |
| Norwegian Cruise Line Holdings Ltd. | NCLH, -16.46% | -16.5% | -70.5% | 37.8% |
| Boeing Co. | BA, -16.42% | -16.4% | -47.8% | 1.0% |
| Occidental Petroleum Corp. | OXY, -16.13% | -16.1% | -57.8% | -32.9% |
| United Airlines Holdings Inc. | UAL, -16.11% | -16.1% | -62.2% | 5.2% |
| Alliance Data Systems Corp. | ADS, -15.88% | -15.9% | -57.6% | -25.2% |
| Oneok Inc. | OKE, -15.84% | -15.8% | -53.3% | 40.3% |
| American Airlines Group Inc. | AAL, -15.51% | -15.5% | -49.9% | -10.7% |
| Halliburton Co. | HAL, -15.36% | -15.4% | -49.8% | -7.9% |
| Carnival Corp. | CCL, -15.29% | -15.3% | -65.7% | 3.1% |
| Royal Caribbean Cruises Ltd. | RCL, -14.27% | -14.3% | -59.2% | 36.5% |
| Alaska Air Group Inc. | ALK, -14.20% | -14.2% | -47.5% | 11.3% |
| National Oilwell Varco Inc. | NOV, -14.17% | -14.2% | -49.5% | -2.5% |
| Delta Air Lines Inc. | DAL, -14.03% | -14.0% | -53.5% | 17.2% |
| Apache Corp. | APA, -13.75% | -13.8% | -50.0% | -2.5% |
| Freeport-McMoRan Inc. | FCX, -13.60% | -13.6% | -24.5% | 27.3% |
| Citigroup Inc. | C, -13.37% | -13.4% | -39.4% | 53.5% |
| Simon Property Group Inc. | SPG, -13.36% | -13.4% | -51.7% | -11.3% |
| Howmet Aerospace Inc. | HWM, -13.29% | -13.3% | -48.1% | 82.5% |
| LyondellBasell Industries NV | LYB, -13.14% | -13.1% | -32.4% | 13.6% |
| MGM Resorts International | MGM, -13.01% | -13.0% | -46.4% | 37.1% |
| Source: FactSet | ||||
Nasdaq
Here are the 10 components of the Nasdaq-100 Index NDX, -5.01% that declined the most Thursday:
| Company | Ticker | Price change – June 11 | Price change – 2020 | Price change – 2019 |
| United Airlines Holdings Inc. | UAL, -16.11% | -16.1% | -62.2% | 5.2% |
| Expedia Group Inc. | EXPE, -11.03% | -11.0% | -28.1% | -4.0% |
| NetApp Inc. | NTAP, -10.99% | -11.0% | -33.9% | 4.3% |
| Align Technology Inc. | ALGN, -10.94% | -10.9% | -14.6% | 33.2% |
| Marriott International Inc. Class A | MAR, -10.89% | -10.9% | -39.6% | 39.5% |
| Western Digital Corp. | WDC, -9.60% | -9.6% | -33.3% | 71.7% |
| CDW Corp. | CDW, -9.17% | -9.2% | -22.6% | 76.2% |
| Automatic Data Processing Inc. | ADP, -7.82% | -8.4% | -16.1% | 30.0% |
| Booking Holdings Inc. | BKNG, -8.36% | -8.4% | -22.7% | 19.2% |
| Starbucks Corp. | SBUX, -8.15% | -8.2% | -17.5% | 36.5% |
| Source: FactSet | ||||
