10 Companies Mirror Wall Street Downturn

Wall Street’s main indices finished the shortened trading week in the negative territory, dampened by labor market data that came in much hotter than expected. The news fueled concerns that the Federal Reserve will not slash interest rates again.

Both the Dow Jones and the Nasdaq Composite dived by 1.63 percent on Friday, while the S&P 500 declined by 1.54 percent.

Ten companies mirrored a wider market downturn amid a series of catalysts that dampened investing appetite. This article explores the reasons behind their decline.

In Friday’s biggest losers, we only considered the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A stock market graph. Photo by energepic.com

10. Oscar Health Inc. (NYSE:OSCR)

Health insurance firm Oscar Health (OSCR) finished this week’s shortened trading lower, slashing 7.26 percent to end at $14.18 apiece, weighed by the Los Angeles wildfire that destroyed thousands of structures and claimed the lives of 10 people.

Oscar Health (OSCR), along with its insurance counterparts, all posted significant declines as the Los Angeles blaze which broke out on Tuesday already resulted in total damage and economic loss of up to $150 billion.

According to weather site AccuWeather, the economic damages could still potentially increase as the fires continue to spread.

Insurance companies stand to bear the brunt of the damages and expect increased claims that could potentially hurt their financial performance.

9. ON Semiconductor Corp. (NASDAQ:ON)

ON Semiconductor Corp. (ON) nearly touched a new 52-week low on Friday, posting a 7.49-percent decline to end the day at $53.94 each after an analyst at Truist downgraded its targets for the company.

In its latest report, Truist downgraded ON Semiconductor to a “hold” rating with a new price target of $60, lower by 29 percent than the $85 projected earlier. The analyst cited deteriorating demand trends and management’s focus on exiting certain business lines this year.

Separately, Bank of America also reduced its price target for ON Semiconductor (ON) to $75 from $90 per share but maintained a “buy” rating for the company. The adjustment followed a less optimistic outlook from the firm during the 2025 Consumer Electronics Show in Las Vegas.

Specifically, concerns about recovery prospects in both the near term and the calendar year 2025 have led to a subsequent decrease in the estimated pro-forma EPS for the next few years.