It’s been the worst of times and the best of times for the Nasdaq 100, which marked the two-year anniversary of its record high from 11/19/21 over the weekend. After falling over 35% from the record high through the October 2022 low, the Nasdaq 100 has since rallied over 50%, leaving it down just over 5% from its record high. Like a QB scrambling all over the field only to end up getting sacked a few yards short of the line of scrimmage, the Nasdaq 100 has expended a ton of energy with little to show for it over the last two years.
While the Nasdaq 100 itself is down just over 5% from its record high, stocks in the index are down slightly more than that since 11/19/21 with an average decline of 6.3%. Among individual stocks, though, there have been some big winners and losers. Starting with the winners, the table below lists the 20 Nasdaq 100 stocks that have rallied 20% or more since the November 2021 peak. Leading the way higher, shares of Vertex Pharma () have rallied just shy of 92%, followed by Broadcom (), PACCAR (), Diamondback Energy (), and O’Reilly Automotive (), which are all up over 50%. We were surprised to see that while NVDA has been one of the top-performing stocks this year, since the 2021 peak, its 49.5% gain ranks only as the seventh-best performance. Lastly, in terms of sector breakdown, Technology leads the way with six followed by Consumer Discretionary with four, and Health Care and Industrials with three each.
While there are just twenty stocks in the Nasdaq 100 that are up 20% since its peak two years ago, 21 of the index’s components are down 30% or more. We list them in the table below. Topping the list of losers, shares of Lucid () have lost their charge with a decline of over 90%. Behind LCID, though, there are another nine stocks that have been cut at least in half, including pandemic darlings Zoom Video () and Moderna (). Some of the more notable names on the list include Tesla (), Netflix (), and QUALCOMM (). Finally, at the sector level, just as they topped the list of winners, both Technology and Consumer Discretionary also top the list of losers with seven and five components, respectively. The only other sectors with more than one component were Health Care (4) and Communication Services (3).
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