Five years ago, Boeing and Intel were pillars of the U.S. economy. For many years, both companies had delivered superior returns to their shareholders. Before COVID-19, Boeing’s shares traded at over $400. This week, Boeing has traded around $156 a share. The story is similar for Intel. In 2019, Intel’s shares traded above $60. Now the stock is trading in the low $20s.

While Boeing and Intel’s share prices have dropped like lead weights, the S&P 500 stocks have gained 60% on average since 2019. The two stocks’ underperformance relative to the benchmark index is dramatic and disturbing. What happened to these two icons of the economy?