The S&P 500 has rebounded to move slightly higher for 2024, just below all-time highs. But a number of stocks, including Dow Jones giant Boeing and Tesla are down more than 10% so far this year.
Enphase Energy, one of the biggest S&P 500 losers in 2023, is the worst performer this year. BA stock follows, along with Norwegian Cruise Line, VF Corp., Etsy, Albemarle, On Semiconductor, Tesla stock, Walgreens Boots Alliance and Charles River Laboratories.
S&P 500 Stocks: Worst 2024 Performers
| Company | Ticker | 2024 YTD |
|---|---|---|
| Enphase Energy | ENPH | -16.59% |
| Boeing | BA | -16.48% |
| Norwegian Cruise Line | NCLH | -16.42% |
| VF Corp. | VFC | -13.78% |
| Etsy | ETSY | -13.21% |
| Albemarle | ALB | -12.76% |
| On Semiconductor | ON | -12.04% |
| Tesla | TSLA | -11.91% |
| Walgreens Boots Alliance | WBA | -10.88% |
| Charles River Laboratories | CRL | -10.54% |
Enphase Stock
Enphase stock plummeted 16.6% to start the year. The second-worst performer on the S&P 500 in 2023, ENPH stock only avoided being the biggest loser thanks to a powerful rebound from early November to late December, coming close to their 200-day moving average.
Enphase went back to a bad phase right away in 2024, tumbling below the 21-day line and approaching the 50-day line as of Jan. 12.
Boeing Stock
Boeing stock has plunged 16.5% in 2024. The Dow Jones aerospace giant sold off back to a cup-base buy point in the first two trading days. Last week, BA stock dived in the wake of a midflight incident on Jan. 5, in which a piece of fuselage ripped off an Alaska Air 737 Max 9 jet. More airlines found Max 9 jets with loose bolts The FAA grounded most Max 9 jets and later said it would impose greater oversight on Boeing production.
S&P 500: Norwegian Cruise Line Stock
Norwegian Cruise LineNCLH has plunged 16.4% so far this year, kicking off with an 8.6% tumble on Jan. 2. NCLH stock still has a 21.26 cup-with-handle buy point, but the handle is now 22% deep. Shares closed just below the 50-day line on Jan. 12, still holding the 200-day.
Norwegian Cruise Line has greatly lagged rivals Carnival Corp. and Royal Caribbean over the past year.
VF Corp. Stock
VF Corp. stock has dived 13.8% in 2024. The maker of several apparel brands, including Vans, Timberland, Dickies and The North Face, has been tumbling for nearly three years. VFC stock did rebound from a 14-year low in early November, but struggled to hold above the 200-day line. Shares have fallen back below the 50-day moving average.
Etsy Stock
Etsy stock is off 13.2% to start the new year, tumbling from just below the 200-day line to undercut the 50-day once again. The arts and crafts e-commerce site hit a three-year low in early November, then rallied until late December, but struggled around the long-sliding 200-day.
Albemarle Stock
Albemarle stock have rolled back 12.8% in the first two weeks of the year. After hitting record highs in late 2022, the lithium giant lost a third of its value in 2023, hitting a three-year low in November. Blame plunging lithium prices, as EV demand didn't rise as much as hoped last year. Shares bounced in December, but never got close to their 200-day line. ALB stock opened 2024 higher, but quickly sold off amid fresh signs of weakening EV demand from Tesla and many others.
S&P 500: On Semiconductor Stock
On Semiconductor stock has tumbled 12% in 2024. Shares plunged from a late July 2023 peak, including a 22% dive on Oct. 30 following Q3 earnings. ON stock soon began a strong rebound until mid-December, but hit resistance at the 200-day line.
Onsemi stock has been all downhill in 2024. It hasn't helped that Mobileye slashed 2024 guidance, citing high chip inventories at automakers. Also Aehr Test Systems, an Onsemi supplier, also gave weak guidance. All of that comes amid a backlog of weaker-than-expected EV demand.
Tesla Stock
Tesla stock has sold off 11.9% in 2024, plunging through the 50-day and 200-day lines last week.
In the past week, Tesla has cut prices in its strongest market and announced plans to suspend production at its Berlin plant for two weeks. Meanwhile Hertz is dumping many of its EVs at cut-rate prices, largely Tesla vehicles. The rental-car giant cited weak demand and high repair costs.
In 2023, Tesla stock doubled, but shares have retreated since a July peak. Tesla earnings have tumbled and profit margins plunged, with limited growth drivers in the coming year.
Arguably Tesla stock has a 278.98 buy point from a double-bottom base, but the pattern is looking increasingly awkward.
S&P 500: Walgreens Stock
Walgreens stock has retreated 10.8%. The drug store giant beat views on Jan. 4, but nearly halved its quarterly dividend to 25 cents a share from 48 cents. That heightened fears that WBA stock, which hit a 25-year low on Nov. 30, will be ousted from the Dow Jones Industrial Average.
Charles River Laboratories
Charles River Laboratories has stumbled 10.5% in 2024. The S&P 500 clinical research outsourcing firm has fallen back toward it 50-day and 200-day lines, after rebounding in late 2023 from a three-year low. CRL stock is still in a long, deep cup-with-handle base, but there's no prior uptrend.
Please follow Ed Carson on Threads at @edcarson1971, X/Twitter at @IBD_ECarson and Bluesky at @edcarson.bsky.social for stock market updates and more.
