- Shares of Kroger gained 0.4% on Thursday when analysts at BMO boosted their price target for the company.
- The same day, the S&P 500 shed 5.9% as investors reacted to the Federal Reserve’s cautious recovery tone, and fears of a second wave of COVID-19 cases grew.
- Kroger was the only stock in the index to gain Thursday – more than 60 S&P 500 stocks lost more than 10%, according to Bloomberg data.
- Watch Kroger trade live on Markets Insider.
- Read more on Business Insider.
Only one stock in the S&P 500 managed to gain Thursday as the index posted its worst daily performance since the coronavirus-induced meltdown in March.
Shares of Kroger, the supermarket chain, gained 0.4% Thursday after analysts at BMO raised their price target for the stock. The S&P 500 on Thursday shed nearly 6% as investors reacted to the Federal Reserve’s cautious tone on the US economic recovery, and fears of a second wave of coronavirus cases mounted.
That erased nearly $US2 trillion of market value from the index. Overall, more than 60 members of the S&P 500 shed more than 10% Thursday, according to Bloomberg data. Some of the hardest hit stocks were airlines, cruise operators, and retailers – companies that had recently gained on reopening optimism.
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Despite Thursday’s slump, the S&P 500 is up roughly 35% from its March 23 low, and is nearly 8% lower than when it started the year.
In the tech-heavy Nasdaq 100, Zoom Video Communications was the only stock to gain Thursday. It ended the day up nearly 0.5%, while the index fell 5.3%.
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