It was just last Friday that the S&P 500 hit an intraday all-time high before selling off sharply. That weakness has continued into today, and the index is now down just under 3% from that intraday high last Friday. Although the S&P 500 is down only modestly from its 52-week highs, individual stocks have seen much larger declines. The chart below and to the right summarizes an analysis from our most recent Bespoke Report, which was sent out to all clients after the close on Friday, and it summarizes the average decline for individual stocks from their respective 52-week highs. Given the declines again today, we have updated the chart to reflect prices as of Monday afternoon.
For the S&P 1500 as a whole, which encompasses large, mid, and small cap stocks, stocks are down an average of 12.8% from their 52-week highs. As you would expect, small cap stocks have seen the largest declines with an average drop of 15.8%, followed by mid caps, which are down an average of 12.5%. Large cap stocks have held up the best, as they are still within 10% of their 52-week highs.
Looking at the average declines based on sectors shows a wide variance. Consumer Discretionary stocks have seen the largest declines from their 52-week highs with an average decline of 16.1%. Besides the Consumer Discretionary sector, Technology and Telecom Services are the only other sectors where stocks are down an average of more than 15%. On the other end of the spectrum, Utilities (-5.4%) and Consumer Staples (-9.4%) have held up the best with average declines of less than 10%. While the modest decline of the S&P 500 from its high might suggest that the decline has been minor in scope, on an individual stock basis, the pain is more amplified.