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Stocks: The best and worst performers in Q2

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Yahoo Finance Live anchors discuss the best and worst stock performers of Q2 2022.

Video transcript

BRAD SMITH: Also everyone, we got to talk about the rough start to the year for the US economy and markets. The NASDAQ had its worst start to the year ever, while the Dow saw its worst start since 1962. And the second quarter of 2022, it's wrapping up here thank goodness.

Let's take a look at some of the quarter's best and worst performers here. Now, as we think about the sectors that we have seen, of course, continue to rally right now, energy has been running away with it. So it's really coming back to where we've already seen so much of this signaled pullback showing up both in consumption, but also in where investors and analysts are pricing in even more of some of the earnings pullbacks that we're going to be [INAUDIBLE].

JULIE HYMAN: And just, quick pause. You can take-- you guys can take a look at the Yahoo Finance Interactive for that sector action that you were referring to and you may-- you can continue your thought if you like. But you have highlighted the move a lot-- actually, that's not what I'm showing on my screen.

BRIAN SOZZI: So important to know the 10-year though.

JULIE HYMAN: Take Interactive number two if you guys can because that's where I have this up. You can't? OK, well, then I'll just tell you, consumer discretionary is the worst-performing group on the quarter specifically, not year to date, on the quarter. The XLY down almost 25%. Communication services, which includes our Metas and Facebooks of the world is down 20%, and infotech is down 19%, financials down 17%. In fact, all of the 11 industry groups in the S&P 500 lower on the quarter. Even energy down about 4% on the quarter.

BRIAN SOZZI: I think the retailers, the consumer discretionary, that's been the most-- one of the most disturbing stories I would say at least over the past month and a half as the quarter has wound to a close. Target, a lot of-- Bed Bath & Beyond yesterday, still one of the hottest tickers on our site too, that consumer spending slowdown, which we did see like Brian was just talking about in the PCE data, look, it's been very worrying and you have to wonder how these retailers are going to do for the holiday shopping season? How they start doing for the back-to-school shopping season? These are key periods for these companies, and you have to wonder if all of this is priced into these stocks.

BRAD SMITH: Well, and this is typically a period where you look at some of the more kind of either convenience route stores, or some of in the consumer stores and retailers that we look at, some of the Dollar Trees of the world, the Dollar Generals even, to see in a recessionary or an economic pullback type of environment where consumers are still comfortable spending at least on the things that they need, maybe not all of the things that they were-- when they were flush with cash, that they would have wanted or continued to aggressively spend on as well.

BRIAN SOZZI: But tech has been a big wake-up call too, Julie. I mean, if you invested in Meta or Netflix coming into this year, what you have seen is just not a lot of things you've seen before. These were-- have been some of the top trades in the market the past two, three, four, or five years, earnings are slowing, multiples that the stocks are trading are coming in. Now you're having layoffs. It's a completely different story. And you have to think about will this get any better in the third quarter? I mean, I don't see it.

JULIE HYMAN: Well, and most people we're talking to are saying that at least in the short-term we're not going to see a huge increase here. Just looking at the other assets by the way, that we talk about. We talked about oil stocks, and this is an interesting point because Liz Young of SoFi brought this up the other day, that energy and oil don't-- energy stocks and the underlying energy prices don't always move in tandem.

And indeed, crude oil futures are higher during the quarter. They were up by about 8% over the course of the quarter, even though we saw those energy stocks on the decline. The dollar index up 7%, which is its best performance since the fourth quarter of 2016. And then womp, womp, the big loser, the big, big, loser over the course of the quarter, Bitcoin.

BRIAN SOZZI: Bitcoin.

JULIE HYMAN: Which was down some 58% during the quarter. And obviously, we've seen the fallout from that in all kinds of different ways.

BRAD SMITH: And it's the ranges that we've been looking at too and the kind of continuous step down that we've seen, where 30 became the new 40, and now 20 has become the new 30.

BRIAN SOZZI: I thought it was a hedge? I thought Bitcoin was a hedge against inflation?

BRAD SMITH: Well, apparently-- it's a hedge against--

BRIAN SOZZI: Nope, it's not.

BRAD SMITH: --policy maybe.

BRIAN SOZZI: Who knows?

BRAD SMITH: Depending on who you ask on the Street? But I think right now for what we're continuing to discuss with some of the guests that we have on and this crypto wash-out, it's the larger question of when this wash-out settles, what's still going to be left and where is that building opportunity for? And there's still a lot of that discussion that's even going to be had later on in today's show, so stick around for that conversation.

But I think particularly here even at this 20,000 level, it still comes back to where mining proves profitable, it still comes back to the projects that are actually viable and are going to be around to stay even after some of the NFT sales that have been crippled at this point in time and Ethereum as we've been continuing to watch that, even as that starts to settle. Right now I think it was at 1,100 before the show. After these prices start to settle, where is there that build-back opportunity based on the interest in the space, but also where the whales still have such an outsized interest? Michael Saylor has still been buying into Bitcoin.

BRIAN SOZZI: He's been buying more.

JULIE HYMAN: Exactly.

BRIAN SOZZI: Shares under pressure this morning. It's just what are you doing, man? What are you doing?

JULIE HYMAN: He's a-- you know, he's a believer. He's a believer.

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