By Callum Keown

The S&P 500's slump into a correction has been swift, taking just 16 trading days for the index to fall 10% from its record closing high on Feb.19. But many stocks have had a far greater fall over that period.

The worst-hit names tell the story of the market's pullback and some of the reasons behind it. The list is a mix of highflying artificial-intelligence plays that have come back down to earth, and those reliant on consumers as signs of a slowdown mount amid tariff uncertainty.

AI server maker Super Micro Computer is the worst performer over the period, falling 35%, according to Dow Jones Market Data. The fact SMCI has suffered the most is more down to timing than anything else -- the stock hit its 2025 high on Feb.19 following a bullish business update. The shares remain 28% up this year, the second best S&P 500 performer over that period.

Other AI winners are also among the sharpest fallers. Constellation Energy and Vistra, which had risen sharply on the surging energy demands of new data centers being built by tech companies, are both down more than 30%.

Data-analytics firm Palantir Technologies is down 29% since Feb.19. The stock's lofty valuation, broader tech sector weakness, and reports that President Donald Trump may cut defense spending have all been factors. The company has several military contracts for the use of its technology.

Travel stocks also dominate the list -- United Airlines has fallen 34%, Delta Air Lines is down 32%, Norwegian Cruise Line Holdings has slumped 31% and rival cruise operator Carnival has plummeted 27%. Short-term rental app Airbnb and online travel agent Expedia are both down 24%.

The losses accelerated earlier this week after Delta cut its first-quarter outlook citing a hit to both corporate and consumer confidence due to recent macro uncertainty. Other carriers, including American Airlines and Southwest Airlines have also cut guidance.

"With travel a discretionary item for many consumers and businesses, the airlines tend to be a good current indicator of consumer sentiment," Jay Cushing, analyst at research firm Gimme Credit, said. "The weakness in demand appears to have accelerated over the past couple of weeks with a drop in close-in bookings reflecting potential concerns about the U.S. economic outlook."

Finally, there's Tesla. The electric-vehicle maker has slumped 33% since Feb.19 amid a range of factors, including falling sales and fears that CEO Elon Musk is too preoccupied with running Trump's Department of Government Efficiency.

A lot of the stocks on the list had rallied in the weeks and months after Trump's election victory in November. That might mitigate some of the damage wrought by the slump since, however, it also highlights that those most exposed to current trends remain at risk.

Write to Callum Keown at callum.keown@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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March 14, 2025 07:07 ET (11:07 GMT)

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