WMTMT◆
WHAT MOVED THE MARKET TODAY

Dow Jones Industrial Average

34 stocks · price-weighted · Oct 9, 2026 close
51,655.00
+17,328.54 (+50.48%)
DJIA 51,655.00 · +17,328.5 pts (+50.48%) 5Y
55,81848,56641,31334,06126,808EW +50.69%H 54,037 · Aug 7L 29,135 · Sep 27
Oct 1, 2021Jan 4, 2023Apr 9, 2024Jul 9, 2025Oct 9, 2026
Breadth
21 / 34
stocks rose with the index
Concentration
50%
of the gain from CAT, GS, MSFT
Biggest driver
CAT +3,862
Caterpillar, +311.91%
Biggest drag
NKE −721
Nike, −76.40%

What drove it

34 members · drivers first · 5Y · residual 0.571bp within 1bp gate

The DJIA rose 50.48% (+17,329 pts) over five years on a mixed tape; CAT, GS, MSFT did most of the lifting, with 50% of the gain between them.

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

+20,147.0 pts from 21 gainers−2,820.4 pts from 13 losers
net +17,328.5 pts · gainers outweigh losers 7.1 to 1
Stock
Points
Return
DJIAsum of all 34 stocks
+17,328.5
100%
+50.48%
CATCaterpillar
+3,862.2
22%
+311.91%
GSGoldman Sachs
+3,280.1
19%
+135.61%
MSFTMicrosoft
+1,537.0
9%
+85.08%
TRVTravelers
+1,365.4
8%
+141.93%
AMGNAmgen
+1,271.7
7%
+93.94%
AAPLApple
+1,218.7
7%
+135.99%
JPMJPMorgan Chase
+1,048.3
6%
+99.24%
VVisa
+975.9
6%
+67.25%
AXPAmerican Express
+879.8
5%
+77.17%
CVXChevron
+676.7
4%
+103.18%
JNJJohnson & Johnson
+618.4
4%
+62.92%
IBMIBM
+591.4
3%
+65.77%
WMTWalmart
+590.1
3%
+143.74%
AMZNAmazon
+546.2
3%
+49.97%
NVDANvidia
+486.6
3%
+54.00%
MRKMerck
+400.9
2%
+78.87%
CSCOCisco
+389.3
2%
+114.71%
KOCoca-Cola
+219.0
1%
+66.07%
GOOGLAlphabet
+84.8
0%
+4.23%
PGProcter & Gamble
+81.6
0%
+8.35%
UNHUnitedHealth
+22.9
0%
−3.35%
MMM3M
−8.2
0%
+8.29%
MCDMcDonald's
−17.4
0%
−3.17%
HONHoneywell
−35.1
0%
−2.55%
VZVerizon
−53.7
0%
−14.29%
DOWDow Inc
−63.7
0%
−16.52%
WBAWalgreens Boots Alliance
−165.2
−1%
−53.57%
INTCIntel
−181.7
−1%
−51.30%
HDHome Depot
−199.1
−1%
−11.86%
BABoeing
−245.5
−1%
−15.77%
CRMSalesforce
−283.8
−2%
−16.76%
SHWSherwin-Williams
−392.3
−2%
−16.83%
DISDisney
−454.0
−3%
−38.61%
NKENike
−720.5
−4%
−76.40%
Price weighting, illustrated

Sherwin-Williams and Dow Inc moved almost identically (−16.83% vs −16.52%), yet SHW moved the DJIA 6.2× as much. In a price-weighted index, a higher-priced share simply outvotes a cheaper one.

Attribution map

slicing the +17,329 pt move · cell size = points contributed · color = direction, intensity = return
CAT+3,862.2 pts(+311.9%)
GS+3,280.1 pts(+135.6%)
MSFT+1,537.0 pts(+85.1%)
TRV+1,365.4 pts(+141.9%)
AMGN+1,271.7 pts(+93.9%)
AAPL+1,218.7 pts(+136.0%)
JPM+1,048.3 pts(+99.2%)
V+975.9 pts
AXP+879.8 pts(+77.2%)
NKE−720.5 pts
CVX+676.7 pts
JNJ+618.4 pts(+62.9%)
IBM+591.4 pts(+65.8%)
WMT+590.1 pts(+143.7%)
AMZN+546.2 pts
NVDA+486.6 pts
DIS−454.0 pts
MRK+400.9 pts
SHW−392.3 pts
CSCO+389.3 pts
CRM
BA−245.5 pts
KO+219.0 pts
HD
INTC
WBA

Concentration curve

cumulative share of the +17,329 pt move · sorted by contribution
0%50%100%9172634stocks:3 stocks = 50%100% covered at 13

When they drove it

cumulative points through the period
0CAT +3,862GS +3,280MSFT +1,537NKE −721DIS −454SHW −392Oct 1Oct 9

Breadth

member returns, this period
−100%0%+100%+200%+300%
From −76.40% (NKE) to +311.91% (CAT). Equal-weight, the DJIA would be +50.69% vs the actual +50.48%; the gap is what price weighting did.

By sector

point contribution · sums to +17,329 pts
Financials5
+7,549.4
Information Technology7
+3,757.5
Industrials4
+3,573.3
Health Care4
+2,313.9
Consumer Staples4
+725.5
Energy1
+676.7
Consumer Discretionary4
−390.8
Communication Services3
−422.9
Materials2
−456.0

The year, session by session

every trading day of 2026 · hover for the move
JANFEBMARAPRMAYJUNJULAUGSEPOCT

Share this move

pick a view, download it as a 16:9 PNG
What moved the market, in your inbox
The daily note publishes here after every close; the week's story lands in your inbox on Fridays, free. Read the daily notes.
Babylon Burns

WMTMT is built by the founders of Babylon Burns, a letter on markets, macro, and the systems behind them. The numbers live here; the arguments live there. Subscribing below joins the Babylon Burns letter.

SESSIONSETTLEDBOARDDJIA 5YMEMBERS34RESIDUAL0.571BP / 1BP GATESRCNASDAQ · CBOE · ALPHA VANTAGEWMTMT.COM