Even as the broader market rallied Friday, one group of stocks is still seeing an unusual amount of pain.
Financial stocks have been the second-worst performers this year, with the S&P 500 sector down more than 10 percent year to date. And out of 18 stocks that hit new 52-week lows on Thursday and Friday, 14 were financial names.
According to Larry McDonald, the outlook for these beleaguered stocks will remain grim, at least until commodities prices stabilize.
"The credit profile of the major commodity multinationals, the Anglo's, the Glencore's, the Petrobras', those big credits need to improve in order for the financials to improve from here throughout the year," McDonald, of Societe Generale, said Friday on CNBC's "Power Lunch," referring to a few big companies whose high debt levels have been seen as precarious.
AmEx plunged 12 percent Friday after reporting earnings that missed analyst expectations.
Looking at the charts, Craig Johnson of Piper Jaffray said shares of the credit card giant look oversold, and may be set for a relief rally. However, with support coming in at $50, Johnson said he wouldn't necessarily recommend buying the stock at current prices.
"I'm not ready to step up and buy it yet. I want to see some sort of indication that it could start to turn higher," Johnson said Friday in a "Trading Nation" interview. "But a lot of the negative news looks priced in right now."