DJIA · WMTMT

Sep 10Sep 17Sep 25Oct 2Oct 9

Breadth

14 / 30

stocks fell with the index

Concentration

100%+

of the decline from GS, JPM, MCD

Biggest driver

GS −740

Goldman Sachs, −12.20%

Biggest offset

MSFT +253

Microsoft, +8.66%

What drove it

30 members · detractors first · 1M · residual 0.011bp within 1bp gate

The DJIA fell 0.79% (−409 pts) on the month, but 16 of 30 members went the other way. GS and JPM dragged the tape lower, contributing more than the entire move.

Read the latest market-close note: Goldman and Microsoft Push the Dow to a Large Gain While Telecoms Sink Communication Services

+1,073.9 pts from 16 gainers−1,483.1 pts from 14 losers

net −409.1 pts · losers outweigh gainers 1.4 to 1

Stock

Points

Return

DJIAsum of all 30 stocks

−409.1

−0.79%

GSGoldman Sachs

−739.7

−12.20%

JPMJPMorgan Chase

−122.3

−5.82%

MCDMcDonald's

−105.9

−7.04%

HDHome Depot

−88.9

−4.89%

BABoeing

−85.8

−7.05%

CRMSalesforce

−82.4

−5.71%

AXPAmerican Express

−74.5

−3.91%

UNHUnitedHealth

−53.4

−2.31%

IBMIBM

−41.0

−2.94%

JNJJohnson & Johnson

−29.2

−1.84%

CATCaterpillar

−26.9

−0.56%

MMM3M

−17.2

−1.78%

NKENike

−11.4

−5.22%

CVXChevron

−4.6

−0.37%

KOCoca-Cola

+1.3

+0.25%

MRKMerck

+5.3

+0.62%

TRVTravelers

+7.1

+0.32%

SHWSherwin-Williams

+11.4

+0.60%

DISDisney

+13.3

+2.11%

HONHoneywell

+33.0

+2.75%

WMTWalmart

+33.4

+5.32%

PGProcter & Gamble

+49.1

+5.78%

AAPLApple

+59.9

+3.08%

AMZNAmazon

+62.6

+4.18%

NVDANvidia

+64.9

+5.00%

CSCOCisco

+65.1

+10.19%

VVisa

+108.4

+4.97%

GOOGLAlphabet

+113.3

+5.73%

AMGNAmgen

+192.6

+8.47%

MSFTMicrosoft

+253.4

+8.66%

Price weighting, illustrated

JPMorgan Chase and Nike moved almost identically (−5.82% vs −5.22%), yet JPM moved the DJIA 10.8× as much. In a price-weighted index, a higher-priced share simply outvotes a cheaper one.

Attribution map

slicing the −409 pt move · cell size = points contributed · color = direction, intensity = return

GS−739.7 pts(−12.2%)

MSFT+253.4 pts(+8.7%)

AMGN+192.6 pts(+8.5%)

JPM−122.3 pts(−5.8%)

GOOGL+113.3 pts(+5.7%)

V+108.4 pts(+5.0%)

MCD−105.9 pts

HD−88.9 pts(−4.9%)

BA−85.8 pts(−7.0%)

CRM−82.4 pts(−5.7%)

AXP−74.5 pts(−3.9%)

CSCO+65.1 pts(+10.2%)

NVDA+64.9 pts

AMZN+62.6 pts

AAPL+59.9 pts(+3.1%)

UNH−53.4 pts(−2.3%)

PG+49.1 pts(+5.8%)

IBM−41.0 pts

WMT

HON

JNJ−29.2 pts

CAT−26.9 pts

MMM

Concentration curve

cumulative share of the −409 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−15%−10%−5%0%+5%+10%

From −12.20% (GS) to +10.19% (CSCO). Equal-weight, the DJIA would be +0.28% vs the actual −0.79%; the gap is what price weighting did.

By sector

point contribution · sums to −409 pts

Financials5

−821.0

Consumer Discretionary4

−143.5

Industrials4

−96.9

Energy1

−4.6

Materials1

+11.4

Consumer Staples3

+83.8

Health Care4

+115.3

Communication Services2

+126.5

Information Technology6

+319.8

The year, session by session

every trading day of 2026 · hover for the move

JANFEBMARAPRMAYJUNJULAUGSEPOCT

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Dow Jones Industrial Average

What drove it

Attribution map

Concentration curve

When they drove it

Breadth

By sector

The year, session by session

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