30 members · detractors first · 3M · residual 0.010bp within 1bp gate
The DJIA fell 1.61% (−844 pts) over the past three months, but 15 of 30 members went the other way. GS and CAT dragged the tape lower, contributing more than the entire move.
+2,660.0 pts from 15 gainers−3,503.7 pts from 15 losers
net −843.6 pts · losers outweigh gainers 1.3 to 1
Stock
Points
Share
Return
DJIAsum of all 30 stocks
−843.6
100%
−1.61%
GSGoldman Sachs
−895.0
106%
−14.40%
CATCaterpillar
−778.6
92%
−14.06%
IBMIBM
−375.0
44%
−21.74%
UNHUnitedHealth
−295.9
35%
−11.60%
HDHome Depot
−275.6
33%
−13.76%
AXPAmerican Express
−275.0
33%
−13.05%
MCDMcDonald's
−222.2
26%
−13.71%
BABoeing
−149.4
18%
−11.67%
HONHoneywell
−86.3
10%
−6.53%
SHWSherwin-Williams
−57.1
7%
−2.92%
NKENike
−53.8
6%
−20.68%
WMTWalmart
−20.4
2%
−2.99%
JPMJPMorgan Chase
−9.2
1%
−0.46%
CSCOCisco
−5.1
1%
−0.72%
GOOGLAlphabet
−5.1
1%
−0.24%
MMM3M
+13.4
−2%
+1.43%
PGProcter & Gamble
+17.0
−2%
+1.93%
JNJJohnson & Johnson
+21.8
−3%
+1.42%
KOCoca-Cola
+22.6
−3%
+4.51%
DISDisney
+71.6
−8%
+12.55%
AMZNAmazon
+89.9
−11%
+6.11%
AAPLApple
+114.9
−14%
+6.09%
MRKMerck
+128.2
−15%
+17.39%
NVDANvidia
+153.0
−18%
+12.65%
TRVTravelers
+161.9
−19%
+7.98%
VVisa
+164.6
−20%
+7.74%
CVXChevron
+177.0
−21%
+16.34%
AMGNAmgen
+323.5
−38%
+15.10%
CRMSalesforce
+344.2
−41%
+33.82%
MSFTMicrosoft
+856.4
−102%
+36.85%
Price weighting, illustrated
IBM and Nike moved almost identically (−21.74% vs −20.68%), yet IBM moved the DJIA 7.0× as much. In a price-weighted index, a higher-priced share simply outvotes a cheaper one.
Attribution map
slicing the −844 pt move · cell size = points contributed · color = direction, intensity = return
GS−895.0 pts(−14.4%)
MSFT+856.4 pts(+36.9%)
CAT−778.6 pts(−14.1%)
IBM−375.0 pts(−21.7%)
CRM+344.2 pts(+33.8%)
AMGN+323.5 pts(+15.1%)
UNH−295.9 pts
HD−275.6 pts(−13.8%)
AXP−275.0 pts(−13.1%)
MCD−222.2 pts
CVX+177.0 pts
V+164.6 pts(+7.7%)
TRV+161.9 pts(+8.0%)
NVDA+153.0 pts(+12.7%)
BA−149.4 pts(−11.7%)
MRK+128.2 pts(+17.4%)
AAPL+114.9 pts
AMZN+89.9 pts
HON−86.3 pts
DIS+71.6 pts
SHW−57.1 pts
NKE−53.8 pts
Concentration curve
cumulative share of the −844 pt move · sorted by contribution
When they drove it
cumulative points through the period
Breadth
member returns, this period
−30%−10%+10%+30%
From −21.74% (IBM) to +36.85% (MSFT). Equal-weight, the DJIA would be +1.28% vs the actual −1.61%; the gap is what price weighting did.
By sector
point contribution · sums to −844 pts
Industrials4
−1,000.9
Financials5
−852.6
Consumer Discretionary4
−461.7
Materials1
−57.1
Consumer Staples3
+19.2
Communication Services2
+66.6
Energy1
+177.0
Health Care4
+177.5
Information Technology6
+1,088.3
The year, session by session
every trading day of 2026 · hover for the move
JANFEBMARAPRMAYJUNJULAUGSEPOCT
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Dow Jones Industrial Average
What moved the market
3M · OCT 9, 2026
−1.61%
−843.6 pts · closed 51,655.00
15 of 30 rose · 15 fell
MSFT+36.9%
+856.4
CRM+33.8%
+344.2
AMGN+15.1%
+323.5
CVX+16.3%
+177.0
V+7.7%
+164.6
HD−13.8%
−275.6
UNH−11.6%
−295.9
IBM−21.7%
−375.0
CAT−14.1%
−778.6
GS−14.4%
−895.0
GS sank a split tape · 15 of 30 went the other wayWMTMT.COM
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