DJIA · WMTMT

Dec 31Mar 3Apr 29Jun 29Aug 25

Breadth

22 / 31

stocks rose with the index

Concentration

60%

of the gain from CAT, GS, AMGN

Biggest driver

CAT +1,506

Caterpillar, +41.56%

Biggest drag

CRM −375

Salesforce, −22.35%

What drove it

31 members · drivers first · YTD · residual 0.595bp within 1bp gate

The DJIA rose 11.47% (+5,514 pts) so far this year, and 60% of that gain came from just three stocks: CAT, GS, AMGN.

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

+6,973.0 pts from 22 gainers−1,462.1 pts from 9 losers

net +5,513.7 pts · gainers outweigh losers 4.8 to 1

Stock

Points

Return

DJIAsum of all 31 stocks

+5,513.7

+11.47%

CATCaterpillar

+1,505.6

+41.56%

GSGoldman Sachs

+1,099.9

+20.48%

AMGNAmgen

+689.7

+35.11%

TRVTravelers

+481.1

+27.44%

UNHUnitedHealth

+415.9

+20.14%

JNJJohnson & Johnson

+403.5

+31.98%

MRKMerck

+309.2

+48.63%

CVXChevron

+286.3

+31.17%

AAPLApple

+228.6

+13.99%

CSCOCisco

+210.4

+44.24%

JPMJPMorgan Chase

+206.4

+10.70%

VVisa

+194.8

+9.50%

AMZNAmazon

+180.1

+13.10%

SHWSherwin-Williams

+161.1

+8.14%

NVDANvidia

+159.1

+14.24%

KOCoca-Cola

+131.9

+31.10%

MMM3M

+115.4

+12.04%

HONHoneywell

+63.0

+5.41%

GOOGLAlphabet

+56.9

+2.84%

VZVerizon

+35.8

+14.26%

MSFTMicrosoft

+24.5

+1.67%

PGProcter & Gamble

+13.8

+1.47%

DISDisney

−18.2

−2.22%

WMTWalmart

−34.9

−5.41%

BABoeing

−36.0

−2.79%

HDHome Depot

−36.3

−1.83%

NKENike

−149.0

−38.05%

AXPAmerican Express

−208.4

−9.19%

MCDMcDonald's

−230.8

−12.28%

IBMIBM

−373.9

−20.94%

CRMSalesforce

−374.6

−22.35%

Price weighting, illustrated

Caterpillar and Cisco moved almost identically (+41.56% vs +44.24%), yet CAT moved the DJIA 7.2× as much. In a price-weighted index, a higher-priced share simply outvotes a cheaper one.

Attribution map

slicing the +5,514 pt move · cell size = points contributed · color = direction, intensity = return

CAT+1,505.6 pts(+41.6%)

GS+1,099.9 pts(+20.5%)

AMGN+689.7 pts(+35.1%)

TRV+481.1 pts(+27.4%)

UNH+415.9 pts(+20.1%)

JNJ+403.5 pts(+32.0%)

CRM−374.6 pts(−22.3%)

IBM−373.9 pts(−20.9%)

MRK+309.2 pts

CVX+286.3 pts(+31.2%)

MCD−230.8 pts(−12.3%)

AAPL+228.6 pts(+14.0%)

CSCO+210.4 pts(+44.2%)

AXP−208.4 pts(−9.2%)

JPM+206.4 pts

V+194.8 pts

AMZN+180.1 pts(+13.1%)

SHW+161.1 pts(+8.1%)

NVDA+159.1 pts(+14.2%)

NKE−149.0 pts

KO+131.9 pts

MMM+115.4 pts

HON+63.0 pts

GOOGL

WMT

Concentration curve

cumulative share of the +5,514 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 −38.05% (NKE) to +48.63% (MRK). Equal-weight, the DJIA would be +12.09% vs the actual +11.47%; the gap is what price weighting did.

By sector

point contribution · sums to +5,514 pts

Health Care4

+1,818.4

Financials5

+1,773.7

Industrials4

+1,648.0

Energy1

+286.3

Materials1

+161.1

Consumer Staples3

+110.8

Communication Services3

+74.4

Information Technology6

−125.9

Consumer Discretionary4

−235.9

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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