What Were the 4 Worst-Performing Stocks in the S&P 500 in 2024?

The S&P 500 Index ($SPX) dazzled investors in 2024, soaring over 20% for the second consecutive year. This extraordinary rally was driven by a perfect storm of market catalysts, including the Federal Reserve rate cuts, a closely watched U.S. presidential election, and, of course, an insatiable investing frenzy over artificial intelligence (AI). With inflation cooling, jobs booming, and consumer spending holding strong, the economy showcased its resilience, sparking a wave of optimism that sent the index soaring to dazzling new heights.

Amid this euphoric rally, the tech sector emerged as the undisputed star of the SPX in 2024, with AI dominating the investment narrative. Chip giant Nvidia (NVDA) became the poster child for AI-fueled growth, notching an eye-popping gain of approximately 185.4% over the past year. Other tech behemoths, such as Apple (AAPL) and Amazon (AMZN), also joined the surge. Yet, some companies struggled to catch the wave of 2024’s bullish momentum.

While few stocks soared to record-breaking highs, others struggled to find their footing. Weighed down by industry-specific headwinds, operational challenges, or competitive pressures, a handful of companies lagged far behind the index’s impressive performance. In a year that seemed to offer endless opportunities, these underperformers served as a sobering reminder that not every stock can keep up with the rally. That being said, as we move further into 2025, here’s a closer look at the four worst-performing stocks in the SPX last year.  

Stock #1: Walgreens Boots Alliance

Illinois-based Walgreens Boots Alliance, Inc. (WBA) is a global leader in integrated healthcare, pharmacy, and retail, with a 170-year legacy of caring for communities. With around 12,500 locations across the U.S., Europe, and Latin America, Walgreens plays a pivotal role in healthcare, reimagining local well-being through accessible health services, high-quality products, and digital convenience.

The company operates in eight countries under brands like Walgreens, Boots, Duane Reade, and No7 Beauty while also investing in healthcare initiatives across markets like China and the U.S. Yet despite its legacy, a series of missteps, including a costly acquisition of VillageMD, a medical group that failed to deliver expected returns alongside its unprofitable expansion plans, have weighed heavily on the company.

To make matters worse, mounting reimbursement pressures in the pharmacy industry are further squeezing its bottom line, leaving Walgreens struggling to regain its footing in a rapidly evolving market. With a market cap of around $8.4 billion, Walgreens has been clearly in a tough spot over the past year, with its shares crashing a staggering 64.99% in 2024.

On Dec. 12, the retailer paid its shareholders a quarterly dividend of $0.25 per share. With an impressive annualized dividend of $1 per share, the company is offering a standout yield of 10.34%, making it a particularly attractive option for dividend-seeking investors.

Walgreens’ shares took off more than 15% after the company delivered a stronger-than-expected Q4 earnings report on Oct. 15, igniting investor optimism. Sales climbed 6% year-over-year to $37.5 billion, driven by growth across all segments, and easily surpassed the consensus estimate of $35.6 billion. On top of that, its adjusted EPS of $0.39 also exceeded expectations by a solid 8.3% margin.

Digging into Walgreens’ performance by segment, international sales rose to approximately $5.9 billion, reflecting a 3.2% increase year-over-year. On the domestic front, U.S. Retail Pharmacy sales jumped 6.5% to reach $29.5 billion, while U.S. Healthcare also posted solid growth with a 7.2% annual rise, bringing in $2.1 billion. While reflecting on the Q4 performance, CEO Tim Wentworth emphasized the company’s focus on stabilizing its retail pharmacy segment in fiscal 2025.

The company is prioritizing cost management, optimizing its footprint, improving cash flow, and addressing reimbursement models to support dispensing margins. Wentworth noted that fiscal 2025 will be a crucial year for recalibrating their strategy, with a long-term goal of driving value creation, which is expected to deliver significant financial and consumer benefits as the turnaround unfolds.

For fiscal 2025, management expects sales to range between $147 billion and $151 billion, while adjusted EPS is forecast to land between $1.40 and $1.80. The company is slated to announce its fiscal 2025 Q1 earnings results before the market opens on Friday, Jan. 10.

WBA stock has a consensus “Hold” rating overall. Out of the 15 analysts covering the stock, two recommend a “Strong Buy,” 10 suggest a “Hold,” two advocate “Moderate Sell,” and the remaining one gives a “Strong Sell” rating.

The average analyst price target of $9.87 indicates marginal potential upside from the current price levels. However, the Street-high price target of $15 suggests that WBA could rally as much as 55.1%.

Stock #2: Moderna 

Cambridge, Massachusetts-based Moderna (MRNA) rose to fame during the COVID-19 pandemic thanks to its groundbreaking mRNA vaccine. It has commercialized that vaccine, as well as one for RSV, and has a vast pipeline of vaccine candidates for everything from the common influenza to norovirus and Mpox. 

After touching highs above $400 in 2021, MRNA stock trades for just a fraction of its peak prices at $44. Following the initial excitement and global rollout of its COVID-19 vaccine, the company has struggled as demand has eased. Plus, it faces competition against its other commercialized product, the RSV vaccine, from pharmaceutical giants like Pfizer (PFE). 

These headwinds caused Moderna to be the second worst-performing stock in the S&P 500 during 2024, down 63%. 

Its results in the third quarter of 2024 illustrate the challenges it has faced in recent years. Moderna reported revenue of $1.86 billion, up slightly from the $1.83 billion it reported in the year-ago quarter. However, its 2024 results paled in comparison to the $4.97 billion it reported in Q3 2021. 

On a positive note, Moderna flipped back to profitability, reporting net income of $13 million. While only a fraction of its $3.33 billion of net income in Q3 2021, it is a stark improvement from a loss of $3.63 billion in Q3 2023. This translated to a per-share profit of $0.03, up from a per-share loss of $9.53 in the year-ago quarter. 

The company says that it is focusing on increasing its product sales and on securing 10 product approvals over the next three years. Achieving those goals could help MRNA get out of the slumps in 2025 and beyond. 

Overall, Wall Street is cautious on MRNA stock giving it a “Hold” rating. Out of 25 analysts there are five “Strong Buys,” 16 “Holds,” one “Moderate Sell,” and three “Strong Sells.” Its average price target of $78.18 represents over 78% upside potential while its Street-high price target of $212 implies shares could rally more than 380% from here. 

Stock #3: Intel

Santa Clara-based Intel Corporation (INTC) has long been a trailblazer in semiconductor innovation, delivering everything from processors to chipsets. However, as the tech world evolves, Intel is shifting its focus from traditional microprocessors to data-centric solutions, eyeing high-growth sectors like AI and autonomous driving. Presently valued at a market cap of $86.3 billion, this chip giant now finds itself in a fierce struggle to retain its relevance in the semiconductor space.

For years, Intel’s delay in upgrading its manufacturing capabilities has allowed rivals like Advanced Micro Devices (AMD) and Nvidia to surge ahead in high-performance computing, a market Intel once dominated. Adding to the uncertainties, INTC shares took another dive last month following the unexpected "retirement" of former CEO Pat Gelsinger, signaling deeper turmoil within the company.

This surprising leadership change is just the latest indication that Intel is grappling with significant challenges. Shares of this chip giant plummeted 58% in 2024, massively underperforming the broader SPX.

While Intel dropped a mixed Q3 earnings report on Oct. 31, shares of the company closed up more than 7% in the subsequent trading session, buoyed by better-than-expected top-line performance and management’s optimistic quarterly guidance. Intel's revenue took a 6% year-over-year hit, landing at $13.3 billion, slightly above Wall Street's $13 billion forecast. However, the company’s losses were steeper than anticipated, with it registering a loss of $0.46 per share, reflecting the impact of hefty one-time expenses.

These included a staggering $3.1 billion in impairment charges and significant restructuring costs, which weighed heavily on its bottom line. Looking at Intel’s segment performance, its Client Computing Group (CCG), which oversees PC chips, reported $7.3 billion in revenue, a 7% decline from last year, reflecting the ongoing slump in the PC market.

On the brighter side, Intel’s Data Center and AI (DCAI) segment delivered a more optimistic picture, with revenue reaching $3.3 billion, marking a 9% increase from the previous year. In a bold move during the quarter, Intel announced plans to spin off Intel Foundry into a separate subsidiary, establishing a clear distinction between its external customer and supplier relationships and its core product lines.

This strategic pivot not only clarifies existing partnerships but also opens the door for Intel Foundry to seek independent funding and optimize its capital structure. By unlocking greater flexibility, this separation sets the stage for potential growth and new opportunities for both Intel and its foundry arm. For the final quarter of fiscal 2024, management expects revenue to range between $13.3 billion and $14.3 billion, while adjusted EPS is anticipated to come in at $0.12.

Overall, Wall Street appears cautious about INTC stock, with a consensus “Hold” rating. Of the 37 analysts offering recommendations, only one advises a “Strong Buy,” 30 give a “Hold,” one recommends a “Moderate Buy,” and the remaining five suggest a “Strong Sell.”

The average analyst price target of $26.10 indicates 30.4% potential upside from the current price levels, while the Street-high price target of $62 suggests that INTC could rally as much as 209.9% from here.

Stock #4: Celanese

Texas-based Celanese Corporation (CE) stands as a global leader in chemistry, delivering specialty material solutions that are essential across a wide range of industries and consumer applications. By combining cutting-edge chemistry, technology, and commercial expertise, the company creates lasting value for its customers, employees, and shareholders. With a strong commitment to sustainability, Celanese ensures the responsible management of its products throughout its lifecycle while expanding its portfolio to meet the growing demand for sustainable solutions.

While Celanese continues to lead in specialty materials, it has faced significant hurdles over the past year. Macroeconomic pressures and weakened demand from the automotive and industrial sectors have put a dent in its price performance. With a market cap of roughly $7.2 billion, the company’s shares have experienced a sharp downturn, down 55.27% in 2024.

On Nov. 13, the company rewarded its shareholders with a quarterly dividend of $0.70 per share, bringing its annualized dividend to $2.80 per share, which translates to a yield of 4.22%. Following the company’s Q3 earnings results revealed on Nov. 4, which fell short of both Wall Street’s top- and bottom-line forecast, shares of the chemical company took a nosedive, plunging 26.3% in the subsequent trading session.

The company generated net sales of $2.6 billion in the quarter, down slightly from the previous quarter, while its adjusted EPS of $2.44 also dropped 2.4% year-over-year. During the quarter, Celanese faced headwinds from ongoing demand weakness in critical sectors such as paints, coatings, and construction, compounded by sharp downturns in the Western Hemisphere’s automotive and industrial markets.

In response to these ongoing challenges in the market, Celanese revealed its decision to adjust its dividend strategy. Starting in Q1 of fiscal 2025, the company plans to temporarily reduce its quarterly dividend by a significant 95%, aligning with the current demand environment and ensuring it maintains financial flexibility during these uncertain times.

Commenting on the company’s upcoming quarter’s outlook, CEO Lori Ryerkerk said, “We expect demand conditions to worsen in the fourth quarter, as automotive and industrial segments react to recent dynamics by seasonally destocking at heavier than normal levels. While we expect this destocking to be temporary and contained to the quarter, we will significantly slow our production to match this demand level and to generate cash through inventory draw.” With these factors in mind, for Q4, management predicts adjusted EPS to come in at approximately $1.25.

Wall Street also remains cautious on CE stock, with a consensus “Hold” rating overall. Of the 17 analysts offering recommendations, two advise a “Strong Buy,” one gives a “Moderate Buy,” 10 recommend “Hold,” one advocates a “Moderate Sell,” and the remaining three suggest a “Strong Sell.”

The average analyst price target of $95.17 indicates 43.5% potential upside from the current price level, while the Street-high price target of $165 suggests that CE could rally as much as 148.9% from here.