Axon (AXON) Was the S&P’s Biggest Loser — and it’s Not Entirely the Business’s Fault

On September 1, 2026, Axon Enterprise, Inc. (NASDAQ:AXON) fell 8.52% to roughly $518.30, marking the steepest daily drop in the S&P 500 and extending its decline to roughly 35% below its 52-week high of $792. The stock trades at roughly the high-50s multiple of forward earnings, leaving its valuation particularly sensitive to higher discount rates. […]