These stocks are already in a correction and could fall further

Investors trying to buy the recent market dip should be careful — there are a host of battered stocks showing signs of further downside rather than a bounce back. Rising geopolitical concerns and a streak of hot inflation data that’s reversed the likelihood of easier Federal Reserve policy have started to dent investor sentiment. As a result, the market has begun the second quarter of 2024 on a pessimistic note after a roaring start to the year. The S & P 500 has shed more than 4% in April through Wednesday, reducing its year-to-date gain to 5.3%. The Dow Jones Industrial Average is down 5.2% this month and is now nearly unchanged on the year. The tech-heavy Nasdaq Composite has dropped 4.3% month-to-date and is now higher by just 4.5% in 2024. CNBC Pro screened for stocks that are already trending downward to determine which stocks might fall further. According to analysts’ consensus price targets, these stocks have an estimated downside of 5% or more, and all have a market capitalization of at least $2 billion. Here are the stocks that are already in a correction and still disliked on Wall Street. Take a look at where analysts see them heading in the future. Bank of Hawaii is one such unloved and struggling stock. Shares have lost nearly a quarter of their value from a 52-week high in December 2023. According to analysts surveyed by FactSet, the regional bank stands to lose another 5.9%. Although regional banks have suffered since the Fed started raising rates in 2022 and from the failure of Silicon Valley Bank in March 2023, Bank of Hawaii is a notable underperformer even among its peers. The stock has slumped 21.9% over the last 12 months, versus a 12.1% pullback in the SPDR S & P Regional Banking ETF . The outlook on CBS television parent Paramount Global is also dim, according to the Wall Street consensus. Shares have slumped 21.5% since May 2023 and — based on analysts’ consensus price target — are estimated to decline another 29.1%. Recent reports on the company’s potential merger with Skydance Media have put more downward pressure on the stock, leading to a drop of 8.2% month to date. CNBC’s David Faber reported that Paramount would have to raise as much as $3 billion in new equity if it were to merge with Skydance. Other stocks already in a correction and vulnerable to additional declines include Palantir Technologies , Dillard’s , MGE Energy , GameStop and Advance Auto Parts . Correction: This article has been updated to reflect the correct spelling of Palantir Technologies.