Tesla isn't just the worst performer in the Magnificent Seven in 2024, it's the biggest loser in the S&P 500 index. While the benchmark index hit a record high as recently as Friday morning, eight S&P 500 stocks are down more than 20%.
In addition to Tesla stock, Charter Communications, MarketAxess Holdings, Paramount Global, Humana, Archer Daniels Midland, Boeing and Warner Bros Discovery have struggled mightily.
On the flip side, Nvidia has soared by nearly 80% year to date.
S&P 500 Worst Performers
| Company | Ticker | 2024 YTD |
|---|---|---|
| Tesla | TSLA | -29.43% |
| Charter Communications | CHTR | -26.99% |
| MarketAxess Holdings | MKTX | -26.99% |
| Paramount Global | PARA | -26.54% |
| Humana | HUM | -25.88% |
| Archer Daniels Midland | ADM | -24.11% |
| Boeing | BA | -23.85% |
| Warner Bros Discovery | WBD | -23.29% |
Tesla Stock
Tesla stock is the worst performer on the S&P 500, down 29.4% through March 8. That includes a 13.5% plunge last week, with TSLA stock falling back from the 10-week line. Shares hit a fresh 10-month low.
Tesla earnings fell 23% in 2023 and are expected to fall again in 2024.
Tesla's first-quarter deliveries seem likely to fall well short of Q4's record pace as well as consensus forecasts, even with ongoing incentives. The EV giant faces weak demand in its major markets, along with limited Model 3 supply in the U.S. as Tesla struggles with the switch to the refreshed sedan.
While U.S. Model 3 output should improve, it's not clear what will change the Tesla demand dynamic substantially through 2025.
Charter Communications Stock
Charter Communications stock has dived 27% so far in 2024, hitting a five-year low last week. Shares gapped lower in early February following and earnings miss and declining broadband subscribers.
MarketAxess Stock
MarketAxess stock plunged 27% through March 8, just avoiding a five-year low last week. Shares of the online bond marketplace suffered most of that loss after Q4 results.
Earnings have been uneven, shifting from modest year-over-year gains and losses.
Paramount Stock
Paramount stock dived 26.5% so far this year, hitting a 14-year low on March 5. While Netflix and Disney are showing strength, Paramount and Warner Bros. Discovery are struggling to show growth in the streaming media environment. Merger buzz, including between Paramount and Warner Bros. Discovery, has waxed and waned over the past several months but nothing has come of that.
Humana Stock
Humana stock has tumbled 25.9% in 2024. The health insurer gapped lower on Jan. 18 after slashing 2023 profit estimates on higher costs, then plunged a few days later on terrible 2024 guidance. HUM stock is at its worst levels in almost four years.
Archer Daniels Midland Stock
Archer Daniels Midland stock has lost 24.1% through March 11. That includes a 24.2% plunge on Jan. 22, after ADM placed its CFO on leave amid an accounting probe. The ag products giant also cut 2023 forecasts.
Boeing Stock
Boeing stock has tumbled 23.85% in 2024. BA stock hit a four-month closing low on Friday.
January's incident in which part of a 737 Max fuselage ripped off during an Alaska Air flight triggered the bulk of the losses. That includes further signs of lax assembly or maintenance by the Dow Jones aerospace giant and key supplier Spirit AeroSystems, as well as stepped up regulatory oversight.
Warner Bros. Discovery Stock
Warner Bros. Discovery stock has skidded 23.3% so far this year, hitting a 15-year low last week. The media giant suffered sharp losses in the past two years but is expected to turn profitable again in the second half of 2024.
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