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The U.S. stock market suffers ugly Black Friday selloff. Here are the biggest losers (and the winners).

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November 26, 2021
in Trading News
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Wall Street stocks skidded sharply lower on Black Friday as investors reacted to fresh travel bans resulting from the discovery in South Africa of a new variant of the coronavirus that causes COVID-19.

The Dow Jones Industrial Average
DJIA,
-2.53%
,
the S&P 500 index
SPX,
-2.27%

and the Nasdaq Composite
COMP,
-2.23%

were all down by at least 2% for the day, the major U.S. shopping day known as Black Friday on which retailers are traditionally perceived to enter the black for the year.

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Looking beneath the hood, the damage was widespread.

Energy stocks

The S&P 500’s energy sector
SP500.10,
-4.04%

closed down 4% as crude-oil prices
XLE,
-4.02%

trading on the New York Mercantile Exchange saw double-digit percentage declines.

The Energy Select Sector SPDR Fund
XLE,
-4.02%

was down 4%. The fund was led by declines in APA Corp.
APA,
-8.28%
,
Occidental Petroleum
OXY,
-7.22%
,
Devon Energy Corp.
DVN,
-5.30%

and Marathon Oil Corp.
MRO,
-6.71%
.

Financials

Financials were the second worst Black Friday performer among the 11 sectors in the S&P 500 index
SPX,
-2.27%
,
dragged down by a retreat in yields for Treasurys, notably the 10-year Treasury note
TMUBMUSD10Y,
1.479%
.

The S&P 500’s financial sector
SP500.40,
-3.27%

was off 3.3%. The Financial Select Sector SPDR ETF
XLF,
-3.32%
,
which tracks the sector index, was being led lower by declines in American Express Co.
AXP,
-8.62%
,
Comerica Inc.
CMA,
-5.80%
,
Huntington Bancshares Inc.
HBAN,
-5.99%
,
Wells Fargo & Co.
WFC,
-5.61%

and Invesco
IVZ,
-5.24%
.

Drug stocks

Drug manufacturers rose, with shares of Moderna
MRNA,
+20.57%
,
which makes one of the most widely administered COVID vaccines, skyrocketing more than 20%. Pfizer shares PFE advanced by 6%.

However, those gains didn’t offer much of a lift to pharmaceutical-related funds, including Invesco Dynamic Pharmaceuticals ETF
PJP,
-1.59%
,
which ended down 1.6%; iShares U.S. Pharmaceuticals ETF
IHE,
+0.20%
,
up just 0.2% on the day; and SPDR S&P Pharmaceuticals ETF
XPH,
-1.94%
,
down 1.9%.

Travel-related stocks

The popular airline-related exchanged-traded fund U.S. Global JETS, which has come to serve as a good indicator of the market’s view on the progress out of pandemic-related restrictions and toward economic recovery, closed down 7.2%.

Aircraft maker Boeing Co.
BA,
-5.41%

 retreated by 5%, and Southwest Airlines
LUV,
-4.32%

stock was more than 4% lower. Shares of American Airlines
AAL,
-8.79%

slumped more steeply, losing 8.8%. Meanwhile, Expedia shares
EXPE,
-9.48%

were down9.5% and United Airlines
UAL,
-9.57%

 traded off almost 10%.

A separate exchange-traded fund that is sometimes used to represent optimism about changes in activity tied to COVID restrictions, the ETFMG Travel Tech ETF
AWAY,
-6.44%
,
was down 6.4% on Friday.

Stay-at-home trade

However, a number of stay-at-home stocks were outperforming the broader market. Videoconference company Zoom Video Communications Inc.
ZM,
+5.72%

rose 5.7%, while streaming giant Netflix
NFLX,
+1.12%

gained 1.1%.

The Direxion Work From Home ETF,
WFH,
-1.22%

lost 1.2%. Declines in Avaya Holdings Corp.
AVYA,
-5.25%
,
Xerox Holdings Corp.
XRX,
-4.65%

and Progress Software Corp.
PRGS,
-3.86%

were the worst performers in the ETF.

Crypto

Crypto prices also were taking it on the chin.

Bitcoin
BTCUSD,
-7.26%

 was down 5% over the past 24 hours, trading at $54,840 midday Friday on CoinDesk. The cryptocurrency is down more than 20% from its all-time high of $68,990 on Nov. 10, meeting a common criterion for a bear market in an asset.

Check out: Major cryptocurrencies tumble amid concern about new coronavirus variant

The dollar

Meanwhile, the U.S. dollar was down 0.7% on the session as measured by the ICE U.S. Dollar Index
DXY,
-0.80%
,
dragging it down from near a 16-month high.

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