The S&P 500 closed at 7,515.34, down 60.05 points or 0.79% on the day. Breadth was mixed but leaned positive under the surface, with 263 of the index's 484 members finishing higher even as the headline number slipped.
The drag came from semiconductors. Nvidia took 22.86 points off the index on a 3.52% decline, followed by Broadcom at 9.62 points and SanDisk, down 12.63%, for 5.02 points. AMD and Tesla rounded out the top detractors. On the other side, Microsoft added 5.28 points on a 1.53% gain, with Apple, Exxon Mobil, Amazon and Visa each contributing smaller offsets that kept the index from falling further.
The Dow
The DJIA closed at 52,498.64, down 138.37 points or 0.26%, a smaller percentage decline than the S&P 500 despite a narrower base. Breadth actually favored advancers, 17 of 30 members higher, which shows how concentrated the damage was in a handful of names.
Caterpillar did most of the damage, off 2.2% and worth 124.46 points on its own, more than the entire index's net loss. Goldman Sachs, Nvidia, Boeing and Home Depot added to the drag. Visa was the largest offset, up 2.52% for 52.18 points, with Salesforce, Microsoft, Chevron and UnitedHealth also finishing in the green. The Dow's story diverges sharply from the S&P's: here it is one industrial name doing the damage rather than a sector-wide chip selloff.
The Nasdaq 100
The Nasdaq 100 closed at 29,264.10, down 561.01 points or 1.88%, by far the day's sharpest decline. Breadth was thin, with only 46 of 100 members higher, confirming that this was a broad tech retreat rather than a single-stock event.
Nvidia alone took 148.47 points off the index, its steepest single-stock hit of the day across any of the three benchmarks. Space Exploration Technologies fell 4.24% for 66.59 points, Broadcom dropped 3.98% for 62.54 points, and Alphabet and Tesla added further losses. Microsoft, Apple, Amazon, Palantir and Walmart provided some cushion but nowhere near enough to offset the chip-driven slide. Where the S&P and Dow showed some resilience beneath the surface, the Nasdaq 100's losses ran wide across its semiconductor and mega-cap growth names alike.
The sectors
Across the eleven sectors, the split was clean: five higher, six lower, with Technology the clear laggard and Energy the standout gainer.
Energy rose 3.03%, adding 1.67 points, led by Exxon Mobil's 4.09% gain. It was the only sector move of real size on the day, and it stood in direct contrast to the chip-led weakness elsewhere in the market.
Technology fell 2.42%, shedding 4.5 points, with Nvidia's 3.52% decline as the top driver. Industrials and Consumer Discretionary also fell more than half a percent, but Technology's loss dwarfed the rest of the board.
Set against the past year, none of today's index moves rank as large. The S&P 500's decline sits at the 11th percentile, the Dow's at the 30th, and the Nasdaq 100's at the 6th, meaning all three were smaller in magnitude than most sessions over the trailing twelve months even though the Nasdaq's percentage drop was the sharpest of the three benchmarks today.
The numbers
- The S&P 500 closed at 7,515.34, down 60.05 points or 0.79%, with 263 of 484 members higher.
- The Dow closed at 52,498.64, down 138.37 points or 0.26%, even as 17 of its 30 members gained.
- The Nasdaq 100 closed at 29,264.10, down 561.01 points or 1.88%, with only 46 of 100 members higher.
- Nvidia was the single largest drag across all three indexes, cutting 148.47 points from the Nasdaq 100 alone on a 3.52% decline.
- Caterpillar was the Dow's biggest detractor, down 2.2% for a loss of 124.46 points.
- Visa was the Dow's top gainer, up 2.52% for 52.18 points.
- Energy was the day's strongest sector, up 3.03%, led by Exxon Mobil's 4.09% gain.
- Technology was the weakest sector, down 2.42%, with Nvidia as the top drag.
- The S&P 500's move ranked in the 11th percentile of the past year, and the Nasdaq 100's ranked in the 6th, both well below what counts as a large move.
From Babylon Burns
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