DJIA · WMTMT

Feb 24Apr 10May 26Jul 13Aug 25

Breadth

22 / 31

stocks rose with the index

Concentration

53%

of the gain from GS, UNH, MSFT

Biggest driver

GS +957

Goldman Sachs, +17.37%

Biggest drag

MCD −400

McDonald's, −19.50%

What drove it

31 members · drivers first · 6M · residual 0.583bp within 1bp gate

The DJIA rose 8.95% (+4,403 pts) over the past six months on a mixed tape; GS, UNH, MSFT did most of the lifting, with 53% of the gain between them.

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

+5,968.1 pts from 22 gainers−1,568.5 pts from 9 losers

net +4,402.5 pts · gainers outweigh losers 3.8 to 1

Stock

Points

Return

DJIAsum of all 31 stocks

+4,402.5

+8.95%

GSGoldman Sachs

+956.6

+17.37%

UNHUnitedHealth

+761.7

+44.76%

MSFTMicrosoft

+607.1

+26.40%

VVisa

+462.6

+25.00%

TRVTravelers

+386.4

+21.03%

JPMJPMorgan Chase

+359.8

+19.98%

AMGNAmgen

+347.6

+15.51%

AMZNAmazon

+317.2

+25.17%

CATCaterpillar

+302.8

+5.56%

AAPLApple

+226.9

+13.88%

CSCOCisco

+203.6

+42.19%

MRKMerck

+194.3

+26.24%

JNJJohnson & Johnson

+161.4

+10.90%

NVDANvidia

+120.0

+10.47%

CRMSalesforce

+114.8

+10.94%

AXPAmerican Express

+96.1

+4.82%

CVXChevron

+83.6

+7.86%

MMM3M

+76.3

+7.76%

KOCoca-Cola

+65.4

+13.54%

GOOGLAlphabet

+56.9

+2.84%

IBMIBM

+37.9

+2.12%

DISDisney

+29.3

+4.89%

VZVerizon

−20.4

−6.66%

SHWSherwin-Williams

−89.5

−3.92%

PGProcter & Gamble

−121.5

−12.02%

WMTWalmart

−129.4

−16.86%

BABoeing

−136.2

−9.57%

NKENike

−151.3

−38.41%

HONHoneywell

−235.7

−15.58%

HDHome Depot

−284.9

−12.14%

MCDMcDonald's

−399.6

−19.50%

Price weighting, illustrated

Caterpillar and Disney moved almost identically (+5.56% vs +4.89%), yet CAT moved the DJIA 10.3× as much. In a price-weighted index, a higher-priced share simply outvotes a cheaper one.

Attribution map

slicing the +4,403 pt move · cell size = points contributed · color = direction, intensity = return

GS+956.6 pts(+17.4%)

UNH+761.7 pts(+44.8%)

MSFT+607.1 pts(+26.4%)

V+462.6 pts(+25.0%)

MCD−399.6 pts(−19.5%)

TRV+386.4 pts(+21.0%)

JPM+359.8 pts(+20.0%)

AMGN+347.6 pts(+15.5%)

AMZN+317.2 pts(+25.2%)

CAT+302.8 pts

HD−284.9 pts(−12.1%)

HON−235.7 pts(−15.6%)

AAPL+226.9 pts(+13.9%)

CSCO+203.6 pts(+42.2%)

MRK+194.3 pts(+26.2%)

JNJ+161.4 pts

NKE−151.3 pts

BA−136.2 pts

WMT−129.4 pts

NVDA

CRM

AXP+96.1 pts

SHW−89.5 pts

CVX+83.6 pts

MMM+76.3 pts

IBM

Concentration curve

cumulative share of the +4,403 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−40%−20%0%+20%+40%

From −38.41% (NKE) to +44.76% (UNH). Equal-weight, the DJIA would be +8.25% vs the actual +8.95%; the gap is what price weighting did.

By sector

point contribution · sums to +4,403 pts

Financials5

+2,261.6

Health Care4

+1,465.0

Information Technology6

+1,310.2

Energy1

+83.6

Communication Services3

+65.7

Industrials4

+7.2

Materials1

−89.5

Consumer Staples3

−185.5

Consumer Discretionary4

−518.6

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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