The stock market is having one of the worst starts to a year ever—with big names like Moderna and Netflix leading declines—as many of the pandemic-era’s top stocks continue to fall out of favor with investors.
Three stocks in the S&P 500 have led the market’s declines this month, each falling more than 35% through Friday’s session: Moderna, Netflix and Etsy.
Vaccine maker Moderna—one of last year’s top performing stocks—is down nearly 40% amid growing research suggesting the firm’s booster shot is less effective against the rapidly spreading omicron variant.
Streaming giant Netflix, meanwhile, has seen its shares plunge 37% this month—in large part due to lackluster fourth quarter earnings which showed a continued slowdown in subscriber growth.
Online retailer Etsy—another pandemic-era favorite stock which rose 324% in 2020—is down 35% this month as investors continue to rotate out of risky growth stocks and into safer value bets.
Other notable losers this month include semiconductor company Advanced Micro Devices (down 28%), chipmaker Nvidia (down 24%), Caesars Entertainment (down 23%) and Domino’s Pizza (down 22%).
