Activision Blizzard is one of a handful of tech stocks down less than 15% from their latest peak.
Rich Polk/Getty Images for Activision
It’s been a brutal year for stocks in general, but technology stocks have been hit especially hard since the Nasdaq Composite peaked last November.
The S&P 500 index on Thursday closed down 15.5% from where it was trading 12 months ago and nearly 22% down from its record high set on Jan. 3. The Nasdaq Composite is down 26% from a year ago and 31% from its record close set on Nov. 19, 2021.
It has been even worse for IT and communication services stocks in the S&P 500. The S&P 500 Communication Services sector was recently down 39% from its 52-week closing high, while the S&P 500 Information Technology sector was down 29% from its latest peak.
The last of those firms to hit a fresh 52-week high was
(ENPH) on Sept. 8, preceded by
(TMUS) on Aug. 26. Neither stock has been immune amid the latest selloff, though.
Barron’s screened for the companies in the S&P 500’s two tech-focused sectors to get a sense of which stocks have held up best amid the selloff, and why. We narrowed the list to the firms in those sectors that are off 15% or less from their 52-week high. We conducted the screen after Wednesday’s close, so the results don’t reflect Thursday and Friday’s steep declines, which pushed the S&P 500 down 2.5%.
Name / Ticker52 Week High 9/21 Closing Price% changeEnphase Energy /…..