DJIA · WMTMT

May 26Jun 17Jul 13Aug 3Aug 25

Breadth

20 / 31

stocks rose with the index

Concentration

47%

of the gain from AMGN, MSFT, TRV

Biggest driver

AMGN +637

Amgen, +31.64%

Biggest drag

CAT −561

Caterpillar, −10.74%

What drove it

31 members · drivers first · 3M · residual 0.567bp within 1bp gate

The DJIA rose 6.17% (+3,115 pts) over the past three months on a mixed tape; AMGN, MSFT, TRV did most of the lifting, with 47% of the gain between them.

Read the latest market-close note: Nvidia and Goldman Sachs Lead a Narrow Advance as Energy and Staples Slide

+4,261.1 pts from 20 gainers−1,148.6 pts from 11 losers

net +3,115.3 pts · gainers outweigh losers 3.7 to 1

Stock

Points

Return

DJIAsum of all 31 stocks

+3,115.3

+6.17%

AMGNAmgen

+636.6

+31.64%

MSFTMicrosoft

+440.6

+18.19%

TRVTravelers

+390.1

+21.26%

GSGoldman Sachs

+388.6

+6.48%

VVisa

+344.0

+17.62%

JPMJPMorgan Chase

+301.7

+16.29%

JNJJohnson & Johnson

+260.5

+18.66%

SHWSherwin-Williams

+239.8

+12.58%

MRKMerck

+220.2

+30.68%

HDHome Depot

+170.3

+8.78%

AXPAmerican Express

+156.2

+8.12%

CRMSalesforce

+153.9

+14.87%

MMM3M

+152.8

+16.46%

UNHUnitedHealth

+128.1

+5.23%

CVXChevron

+87.4

+8.23%

KOCoca-Cola

+67.0

+13.91%

GOOGLAlphabet

+56.9

+2.84%

DISDisney

+46.4

+7.71%

PGProcter & Gamble

+15.9

+1.72%

AAPLApple

+4.1

+0.51%

VZVerizon

−12.0

−4.02%

NVDANvidia

−15.5

−0.84%

AMZNAmazon

−32.1

−1.59%

NKENike

−33.4

−12.17%

CSCOCisco

−43.9

−6.10%

BABoeing

−46.9

−3.58%

MCDMcDonald's

−68.4

−4.00%

WMTWalmart

−79.0

−11.12%

IBMIBM

−93.7

−6.59%

HONHoneywell

−162.5

−11.25%

CATCaterpillar

−561.1

−10.74%

Price weighting, illustrated

Caterpillar and Nike moved almost identically (−10.74% vs −12.17%), yet CAT moved the DJIA 16.8× as much. In a price-weighted index, a higher-priced share simply outvotes a cheaper one.

Attribution map

slicing the +3,115 pt move · cell size = points contributed · color = direction, intensity = return

AMGN+636.6 pts(+31.6%)

CAT−561.1 pts(−10.7%)

MSFT+440.6 pts(+18.2%)

TRV+390.1 pts(+21.3%)

GS+388.6 pts(+6.5%)

V+344.0 pts(+17.6%)

JPM+301.7 pts(+16.3%)

JNJ+260.5 pts

SHW+239.8 pts(+12.6%)

MRK+220.2 pts(+30.7%)

HD+170.3 pts(+8.8%)

HON−162.5 pts(−11.3%)

AXP+156.2 pts(+8.1%)

CRM+153.9 pts

MMM+152.8 pts

UNH+128.1 pts(+5.2%)

IBM

CVX+87.4 pts

WMT−79.0 pts

MCD

GOOGL

DIS

CSCO

Concentration curve

cumulative share of the +3,115 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−20%−10%0%+10%+20%+30%

From −12.17% (NKE) to +31.64% (AMGN). Equal-weight, the DJIA would be +7.11% vs the actual +6.17%; the gap is what price weighting did.

By sector

point contribution · sums to +3,115 pts

Financials5

+1,580.6

Health Care4

+1,245.4

Information Technology6

+445.5

Materials1

+239.8

Communication Services3

+91.2

Energy1

+87.4

Consumer Discretionary4

+36.4

Consumer Staples3

+3.9

Industrials4

−617.8

The year, session by session

every trading day of 2026 · hover for the move

JANFEBMARAPRMAYJUNJULAUG

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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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