Biggest Stock Losers Today on the U.S. Market (Dec. 9, 2025 Update)

Data based on the latest completed U.S. session, Monday, December 8, 2025.

Wall Street kicked off “Fed week” on a sour note, with the Dow Jones, S&P 500 and Nasdaq all slipping as investors braced for Wednesday’s interest‑rate decision from the Federal Reserve. Major indexes fell roughly 0.3%–0.5%, and 10 of the S&P 500’s 11 sectors ended in the red, leaving a cluster of standout losers across industrials, consumer names, biotech and high‑beta tech. China.org.cn+3Investopedia+3Reuters+3

Here’s a detailed look at the biggest stock losers today on the U.S. market, why they fell, and what analysts are saying next.

Market snapshot: indexes slip, defensives surprisingly hit

• Dow Jones Industrial Average fell about 0.4%–0.5% to around 47,739.
• S&P 500 slid roughly 0.3%–0.4% to near 6,846.
• Nasdaq Composite eased around 0.1%–0.2%, holding up better thanks to strength in a handful of AI‑linked tech names. Reuters+2Investopedia+2

Sector performance told the real story:

• Technology was the only S&P 500 sector in positive territory, up about 0.5%–0.9%.
• Communication services and consumer discretionary led declines, falling around 1.5%–1.9%.
• Consumer staples – usually a safe haven – also came under pressure. Investopedia+1

The backdrop: markets are pricing in an ~85–90% chance of a 25‑basis‑point Fed rate cut on Wednesday, but investors are worried this could be one of the most divided policy votes in years, with higher Treasury yields adding further pressure to equities. China.org.cn+3Investopedia+3Reuters+3

1. Air Products & Chemicals (APD): worst performer in the S&P 500

Move: APD shares dropped more than 9%, making the industrial‑gas group the single worst performer in the S&P 500 on Monday. markets.businessinsider.com+2Nasdaq+2

What happened

Air Products stunned investors by announcing it is in “advanced negotiations” with Yara International on a broad partnership around low‑emission ammonia projects in the U.S. (notably Louisiana) and Saudi Arabia’s NEOM complex. The potential deal includes: MarketScreener+2Barron’s+2

• Yara possibly acquiring ammonia facilities at APD’s Louisiana low‑carbon complex for $8–9 billion.
• A 25‑year contract under which Air Products would supply 80% of the hydrogen needed for Yara’s ammonia production.
• Yara helping market surplus ammonia from the NEOM Green Hydrogen Project starting later this decade.

On paper, that sounds like textbook “energy transition” strategy. But the market reaction was brutal:

• APD’s stock fell between 9% and 11% intraday, marking its worst single‑day drop since early 2024. Barron’s+2RTTNews+2
• Yara’s shares in Oslo actually rose slightly, underscoring the view that the near‑term risk sits more with APD’s balance sheet and execution.

Why investors are nervous

Recent coverage from Barron’s, Yahoo Finance and RTT News highlights several concerns: MarketScreener+4Barron’s+4Nasdaq+4

• Capital intensity & timing: The partnership could lock APD into decades of capital spending with long payback periods.
• Return uncertainty: Investors don’t yet have detailed economics around expected returns, off‑take risk, or how the assets will be financed.
• Hydrogen hype fatigue: After years of ambitious hydrogen and ammonia announcements across the industry, markets are more skeptical and want hard numbers, not just press releases.

Forecasts & longer‑term view

Despite Monday’s plunge, several research and data providers still frame APD as a long‑term play on the hydrogen economy:

• A recent Morningstar‑style company report notes that under new management, Air Products is trying to enforce more disciplined capital allocation, while still betting heavily on hydrogen infrastructure. Morningstar+1
• AI‑driven forecast platforms such as Intellectia point out that FY2026 revenue expectations have been revised modestly lower (around –0.6%) over the last three months, while the stock price is down nearly 20% in that period – a sign the price may be over‑reacting relative to fundamentals. Understanding
• AInvest’s recent analysis casts APD as a “bridge” between renewable producers and end‑users, emphasizing that its network of long‑term contracts could still underpin steady cash flows once current anxiety about mega‑projects fades. AInvest

For now, though, APD is the poster child of “shoot first, model later” in today’s tape.

2. Marvell Technology (MRVL): AI chip darling gets hammered

Move: Marvell shares slid around 7%–10%, making the stock one of the biggest decliners on the Nasdaq and a prominent loser in broader U.S. markets. Investopedia+2Investing.com+2

The twin catalysts

1. Microsoft may be pivoting its custom chips to Broadcom
   • A report in The Information flagged that Microsoft is in discussions to expand custom AI chip work with Broadcom, raising doubts about Marvell’s role in future designs. Investopedia+2Instead+2
   • BenchMark downgraded Marvell from “buy” to “hold,” explicitly citing potential design‑win losses with key hyperscale customers. TradingView+1
2. S&P 500 snub in favor of Carvana and others
   • Index provider S&P Dow Jones announced that Carvana, CRH and Comfort Systems will join the S&P 500 later this month – and Marvell was not on the list. Many traders had bet on MRVL as a likely inclusion. Investopedia+2Investing.com+2

Between the potential customer shift and the index disappointment, sentiment cracked fast.

What analysts are saying

• Investopedia and other market commentators note that Marvell’s slump is a classic case of “concentration risk”: when a few mega‑customers dominate the revenue base, even rumors of design losses can hit the stock hard. Investopedia+1
• Invezz and AInvest analyses stress that the underlying demand for cloud and AI networking remains strong, but warn that Marvell’s premium valuation leaves little room for uncertainty around hyperscale relationships. Instead+2AInvest+2
• Morningstar’s “New 4‑Star Stocks” list recently flagged Marvell as having slipped into undervalued territory after a series of pullbacks, underscoring how quickly sentiment has swung. Morningstar

In short: investors still believe in AI hardware – they’re just less willing to pay top‑shelf multiples for customer‑dependent stories when the Fed is about to move and volatility is ticking up.

3. Tesla (TSLA): downgrade‑driven slide

Move: Tesla dropped around 3%–3.5%, making it one of the notable mega‑cap losers on the day. Investopedia+2Investing.com+2

The catalyst: Morgan Stanley steps back

• Morgan Stanley downgraded Tesla from “overweight” to “equal‑weight”, even as it nudged its price target up to about $425. Investopedia+1
• Analysts praised Tesla as a “clear global leader” in EVs, energy and real‑world AI, but argued that high expectations and a rich valuation have moved the stock closer to fair value and set up a potentially “choppy” year ahead.

Key worries:

• Risk of missing near‑term earnings estimates if EV demand or margins weaken.
• Intensifying competition in EVs from both traditional automakers and low‑cost Chinese players.
• Investor fatigue after a strong multi‑year run.

Despite Monday’s hit, the downgrade reads more like a valuation reset than a call that the Tesla story is broken.

4. Netflix (NFLX): deal drama knocks the streamer

Move: Netflix fell roughly 3.5%, weighing heavily on the S&P 500’s communication services sector. Investopedia+2Yahoo Finance+2

The drama: Warner Bros, Paramount Skydance and the White House

Netflix has been at the center of a high‑stakes content arms race:

• Last week, Netflix agreed to buy Warner Bros Discovery in an ~$83 billion cash‑and‑stock deal. Investopedia+1
• On Monday, Paramount Skydance launched a hostile bid for Warner Bros, aiming to outbid Netflix and pitch its offer directly to shareholders. Investopedia+1
• President Donald Trump added fuel by saying the Netflix‑Warner tie‑up “could be a problem” and vowing to be “involved in the decision,” flagging potential antitrust and political pushback. Investopedia+1

The upshot:

• Warner Bros Discovery rose ~4%–5%, Paramount Skydance jumped about 9%, while Netflix slid as investors reassessed the odds and economics of its deal. Investopedia+2Yahoo Finance+2
• The communication services sector as a whole dropped nearly 2%, with Netflix, Alphabet and Meta among the biggest drags. Reuters+1

For now, the market is treating Netflix as the most exposed party in a transaction whose politics may prove at least as tricky as the math.

5. Nike (NKE) and Procter & Gamble (PG): Dow laggards signal consumer stress

Moves:

• Nike (NKE): down about 3.5%–3.9% to the mid‑$63 range. Finviz+3MarketWatch+3MarketWatch+3
• Procter & Gamble (PG): off roughly 3.5%–3.6%, trading near recent 52‑week lows around the high‑$130s. markets.businessinsider.com+2Investing.com…

MarketWatch estimates that declines in Nike and P&G accounted for a sizeable chunk of the Dow’s 258‑point drop, underscoring how a few heavyweights can move the price‑weighted index. MarketWatch

Why they’re falling now

For Nike:

• Coverage from StockStory and other outlets suggests Monday’s weakness is tied less to a single news item and more to macro jitters and worries about discretionary spending as fresh economic data lands ahead of the Fed meeting. Valley City Times-Record+1
• Longer‑term, Nike has been wrestling with margin pressure, inventory clean‑up, leadership changes and a strategic pivot toward higher‑margin direct‑to‑consumer business. Several analyses this year have described the company as “at a crossroads,” with execution risk high even as the brand remains globally dominant. AInvest+2Sahm+2

For Procter & Gamble:

• P&G recently warned that U.S. sales are running “significantly” lower amid a government shutdown, suspended food assistance programs and broader affordability headwinds. Bloomberg+1
• The stock recently hit a new two‑year low, despite beating EPS estimates and guiding FY2026 earnings to roughly $6.83–$7.10 per share. Analysts still see upside, with an average target near the low‑$170s and a dividend yield around 3%, but sentiment remains fragile. StockAnalysis+3MarketBeat+3Yahoo Finance+3

Several commentators – including Seeking Alpha’s “Dividend King Is On Sale Now” piece – argue that selling pressure in PG looks heavily influenced by tax‑loss selling and defensive rotation, more than a collapse in the underlying franchise. Seeking Alpha+2StockAnalysis+2

6. Incyte (INCY): biotech drops despite good FDA news

Move: Incyte shares fell roughly 5.7%, putting the mid‑cap biotech among the largest percentage decliners in the S&P 500. markets.businessinsider.com+1

The headline

On paper, Monday’s news was positive:

• The FDA granted Breakthrough Therapy designation to Incyte’s experimental antibody INCA033989 for essential thrombocythemia, a rare blood cancer affecting patients with a CALR mutation who no longer respond to standard therapies. Investors
• Updated Phase 1 data presented at the 2025 ASH meeting showed sustained platelet reductions and encouraging safety, including early signs of benefit in myelofibrosis. Investors

Yet the stock sold off.

Why the sell‑off?

Investor’s Business Daily highlights a classic “good news, crowded trade” dynamic: Investors+1

• Incyte is up nearly 50% year‑to‑date, recently touching a five‑year high near $109.
• Monday’s pullback dragged the shares below short‑term support around the 21‑day moving average, prompting momentum traders to lock in gains.
• Short interest has eased but remains meaningful, adding to volatility around any event. MarketBeat

TS2’s losers rundown notes that Incyte, alongside Viking Therapeutics, remains part of a highly news‑driven biotech cohort where even constructive clinical updates can trigger short‑term selling if expectations were stretched. TechStock²

7. Other notable losers across the U.S. market

Beyond the headline mega‑caps and S&P heavyweights, a range of mid‑ and small‑cap names also featured on today’s biggest‑losers lists: Trefis+3TechStock²+3StockAnalysis+3

S&P 500 sell‑off cluster

Business Insider’s S&P 500 movers page shows a broad group of names down roughly 3.5%–6%, including: markets.businessinsider.com

• Air Products & Chemicals (APD) – ~‑9.5%
• Dollar General (DG) – about ‑6.1%
• Incyte (INCY) – about ‑5.7%
• Erie Indemnity (ERIE) – about ‑5.3%
• West Pharmaceutical Services (WST) – ~‑4.0%
• D.R. Horton (DHI) – ~‑3.9%
• Fortinet (FTNT), Clorox (CLX), Boston Scientific (BSX) and Baker Hughes (BKR) – all around ‑3.7% to ‑3.9%
• Procter & Gamble (PG), Edison International (EIX) and APA Corp (APA) – down roughly ‑3.5%–3.6%

A Trefis market update similarly highlights APD, DG and INCY as the top single‑day losers versus the S&P 500’s –0.3% move. Trefis

Mid‑cap and thematic losers

TS2’s detailed “Biggest Stock Losers Today” report (based on U.S. TipRanks data) adds several additional names: TechStock²

• Legend Biotech (LEGN) – biotech name still digesting prior volatility around trial data.
• Unilever (UL ADR) – U.S.‑listed ADR slumping after the spin‑off of its Magnum ice‑cream business and continued portfolio reshaping.
• PROCEPT BioRobotics (PRCT) – down nearly 6% on a Bank of America downgrade citing slower utilization growth for its urology platform.
• Parsons (PSN) – extending a sharp slide after losing a major FAA air‑traffic‑control contract.
• Lucid Group (LCID) – another rough day for a heavily shorted EV maker facing funding and demand questions.
• Hecla Mining (HL) – giving back part of a big two‑week rally in precious‑metals names.
• Viking Therapeutics (VKTX) – still whipsawed by shifting sentiment around obesity‑drug competition and trial updates.

Taken together, the loser list underscores that health care, EVs, industrials and defensive staples all saw pockets of significant pain beneath relatively modest index declines.

8. What today’s biggest losers signal about the market

Several themes stand out from Monday’s action:

1. Fed anxiety is amplifying stock‑specific stories
   With markets near record highs and a high‑stakes Fed meeting days away, investors are quick to de‑risk on any whiff of uncertainty – whether that’s APD’s complex ammonia deal, MRVL’s customer risk, or DG giving back post‑earnings gains. TipRanks+3Investopedia+3Investors+3
2. Defensives are no longer bulletproof
   The sharp drops in P&G, Clorox, Boston Scientific and utilities like Edison International show that classic “safety” plays can still get hit when the story shifts from mild slowdown to serious affordability stress and government‑related disruptions. markets.businessinsider.com+2Bloomberg+2
3. AI and custom chips are entering a second, messier phase
   Marvell’s sell‑off is a reminder that the AI hardware boom is not a straight line: design‑win risk and hyperscaler bargaining power can produce abrupt losers even in a still‑hot theme. AInvest+2Instead+2
4. Biotech remains hypersensitive to positioning
   Names like Incyte and Viking Therapeutics show how even positive clinical and regulatory headlines can trigger sell‑offs after big runs, as traders book profits ahead of macro events and year‑end. Investors+1
5. Index concentration cuts both ways
   On the Dow, a handful of stocks – Nike, P&G, plus financials like American Express – accounted for a disproportionate share of the decline. On the S&P 500, a few large moves (APD, MRVL, NFLX) shaped sector performance. MarketWatch+2Reuters+2

9. Outlook: are today’s losers tomorrow’s opportunities?

None of this guarantees a quick rebound, but fresh analysis published around December 9 offers some perspective:

• Oppenheimer just reaffirmed a Street‑high 2026 S&P 500 target of 8,100, arguing that strong earnings and macro resilience can support further gains despite bouts of volatility – implying that pullbacks like Monday’s may be interruptions, not trend reversals. Reuters+2TipRanks+2
• A recent MarketWatch deep‑dive on the S&P 500’s worst year‑to‑date performers notes that historically, the 10 biggest annual losers have, on average, eked out positive returns the following year, around 4–5% – though the dispersion is wide and idiosyncratic risk high. MarketWatch
• For P&G and other dividend stalwarts, multiple research notes frame current weakness as a potential “value opportunity” driven by tax‑loss selling and macro fears, not a collapse in long‑term earnings power. StockAnalysis+2MarketBeat+2
• For APD and MRVL, specialized research shops emphasize the need for greater clarity on capital allocation and contract concentration before the market is ready to pay pre‑pullback multiples again. Instead+4Morningstar+4Understanding+4

In other words: today’s biggest losers are not automatically bargains, but they are where much of the market’s real debate is concentrated right now.

10. What traders and long‑term investors are watching next

Again, this is not personal investment advice, but based on today’s moves, here’s what market participants are likely to focus on in the coming days:

• Wednesday’s Fed decision and press conference, especially any signs of division on the FOMC and guidance for 2026.
• Follow‑up commentary from Air Products’ investor call around the Yara partnership – capex plans, returns, and risk sharing. MarketScreener+1
• Additional clarity from Microsoft, Broadcom and Marvell on AI chip roadmaps and the durability of existing design wins. Instead+2AInvest+2
• Regulatory and political signals on the Netflix–Warner–Paramount saga, including any early noise from U.S. antitrust authorities. Investopedia+2Yahoo Finance+2
• Consumer‑spending data and retailer commentary that could confirm or challenge the cautious tone coming from P&G, Dollar General and other staples and discounters. Forbes+3Reuters+3Investing.com+3

For now, Fed week has begun with a reminder: even when the indices move only modestly, the U.S. stock market can hide some very large losers under the surface.