With just three trading days left in 2023, stocks on Wall Street are on track to end the year on an upbeat note with investors growing increasingly optimistic that the Federal Reserve is done with raising interest rates as inflation continues to cool.
The S&P 500 is up 24.3% year-to-date heading into Wednesday’s trading session, its biggest annual gain in three years and the third-best yearly performance in the past decade.
The benchmark index now stands less than 1% away from its all-time closing high reached in January 2022.
With Wall Street closing the curtains on a blockbuster year, the following five stocks have missed out on the rally and have seen their share price collapse in terms of year-to-date performance.
Each of these companies faced unique challenges that contributed to their dismal performance, leaving investors wondering if these stocks could stage a comeback in 2024.
FMC Corporation (NYSE:FMC), a diversified chemical manufacturing company based in Philadelphia, struggled in 2023 due to a combination of supply chain disruptions, increased raw material costs, and weaker demand in some of its key markets.
The ongoing global supply chain woes severely impacted the agricultural chemicals specialist's ability to deliver products efficiently, leading to reduced profit and revenues and a sharp decline in stock value.
FMC stock — which sank to its lowest level in more than six-and-a-half years last month — has declined 48.9% in 2023, making it the worst performer on the S&P 500 this year.
Source: InvestingPro
While FMC has a strong and diversified chemical portfolio, its rebound in 2024 hinges on resolving lingering supply chain issues and adopting efficient production methods to reduce its cost structure.
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