Gains from technology giants headlined an otherwise forgetful February for Wall Street, with a second-consecutive massive gain from the always volatile electric vehicle giant Tesla leading the charge.
The five best-performing stocks listed on the S&P 500 this month were biotechnology contractor Catalent (26%), the U.S.’ largest chip maker Nvidia (20%), medical technology provider West Pharmaceutical Services (19%), Tesla (18%) and Facebook parent Meta (17%), according to FactSet data as of 11:15 a.m. EST.
February’s five worst performers were telecommunications company Lumen Technologies (-35%), Tinder parent Match Group (-24%), Covid vaccine manufacturer Moderna (-22%), satellite television provider DISH Network (-21%) and North Face parent V.F. Corporation (-19%).
The selloff did not discriminate by industry: Eight of the S&P’s 11 sectors notched monthly losses, with the index’s energy component the biggest loser, declining 9%, and the consumer discretionary sector the biggest gainer, rising 0.5%.
Meta, Nvidia and Tesla collectively gained more than $220 billion in market capitalization in February. Meta and Nvidia’s respective 14% and 23% single-day gains after reporting earnings largely drove their outperformance, while Tesla’s jump was a continuation of its 90% rally this year, as investors regained confidence in the car maker. Dish shares tumbled to a 14-year low Tuesday as the company tended with a public relations disaster after it disclosed an outage in its products was due to a cybersecurity issue, and Moderna stock sank after it missed on earnings due to dwindling demand for its Covid vaccine.
Warner Bros. Discovery is the best-performing S&P stock of 2023, returning 69%, while the biggest loser is Lumen, with a 35% loss. Moderna and its Covid vaccine competitor Pfizer are the second and fourth worst-performing stocks year-to-date.
$18 billion. That’s how much Tesla CEO Elon Musk’s net worth swelled by this month, according to Forbes’ estimates.
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