S&P 500 hits record high as individual stocks plunge to yearly lows
US markets showed mixed signals on Tuesday as the S&P 500 reached a fresh record close. While some major companies fell to new lows, broader indices saw strong gains with hundreds of stocks hitting yearly highs. Pre-market trading later pointed to a rebound for both the index and struggling shares. The S&P 500 closed at an all-time high of 7,259.22, capping a strong session. Yet beneath the surface, several well-known firms slumped to 52-week lows. Home Depot (HD) dropped to $310.40, marking a 12.8% decline over the past year. McDonald’s (MCD) followed, hitting $283.02 and shedding 9.7% in the same period.
Medical equipment maker Steris (STE) fell to $209.61, down 5.1% annually. Stryker (SYK) reached $290.17, a 22.6% drop, while Kinsale Capital Group (KNSL) plunged to $300.23, losing 33.1% in 12 months. Among the 156 stocks at new lows, 17 traded above $100 per share. Despite the losses, broader markets remained buoyant. The NYSE recorded 192 new 52-week highs, and the Nasdaq saw 427. The NYSE also logged 45 new lows, compared to 111 on the Nasdaq. Early trading on Wednesday suggested a recovery, with S&P 500 futures and the affected stocks moving higher.
The session highlighted a split between individual stock struggles and overall market strength. Five major companies hit yearly lows, yet hundreds of others reached new peaks. Pre-market gains hinted at a potential rebound for both the index and the hardest-hit shares.
