The S&P 500 closed at 7,533.77, down 38.63 points, or 0.51%, on the day. Breadth told a different story than the index level: 371 of the index's 503 members finished higher, well more than half the tape, even as the benchmark itself slipped into the red.
The drag came from a handful of large names. Nvidia took 12.13 points off the index on a 2.4% decline, Broadcom took 9.48 points on a 5.03% drop, and Micron shed 5.85 points on a 5.65% decline. Alphabet's two listed share classes together subtracted 17.45 points, with Class A down 4.44% and Class C down 4.43%. On the other side, Apple added 7.97 points on a 1.76% gain and Microsoft added 3.84 points on a 1.38% gain. Abbott Laboratories, up 10.69%, contributed 1.44 points, and AbbVie and Visa each added a little more than a point.
The Dow
The DJIA closed at 52,553.00, down 105.64 points, or 0.2%, a smaller percentage decline than the S&P 500 despite a much narrower base of thirty stocks. Breadth here was positive, with 22 of the 30 components finishing higher.
Goldman Sachs did nearly all of the damage, down 4.89% and taking 334.57 points off the average, more than either Caterpillar's 219.14-point drag on a 4.03% decline or Alphabet's Dow-listed shares, which took off 97.83 points. On the other side of the ledger, Amgen added 78.81 points on a 3.7% gain, Visa added 57.71 points, Travelers added 51.89 points, McDonald's added 50.46 points on a 3.2% gain, and IBM added 47.55 points on a 3.79% gain.
The Nasdaq 100
The Nasdaq 100 closed at 29,025.77, down 476.83 points, or 1.62%, the steepest percentage decline of the three indexes today. Breadth was the weakest of the three as well, with only 55 of 103 members higher.
Alphabet's two share classes together subtracted 214.98 points here, with GOOGL down 107.69 points on a 4.44% decline and GOOG down 107.29 points on a 4.43% decline. Nvidia took another 66.64 points off the index, Broadcom took 50.94 points on a 5.03% decline, and Micron took 31.15 points on a 5.65% decline. Apple offset some of that, adding 45.68 points on a 1.76% gain, and Microsoft added 21.94 points. Walmart added 10.4 points on a 2.15% gain and Costco added 6.95 points on a 3.17% gain.
The sectors
Eleven sectors split along the same line that separated the index headlines from the breadth numbers. Consumer Staples led with a 2.8% gain, Health Care followed at 2.2%, and Real Estate added 2.04%. Technology was the lone sharp decliner, down 2.27%, with Communication Services also negative at 0.64%.
Consumer Staples' gain of 2.34 points was led by Philip Morris International, up 4.97% and worth 0.25 points to the sector. It was the strongest sector of the day.
Technology was the weakest sector, down 2.27% and losing 4.12 points, with Nvidia's 2.4% decline accounting for 0.58 points of that drop.
None of today's index moves reached the threshold WMTMT uses for a large day. The S&P 500's decline sits in the 18th percentile of the past year's daily moves, the Dow's in the 32nd percentile, and the Nasdaq 100's in the 8th percentile, all comfortably inside the range of an ordinary session.
The numbers
- The S&P 500 closed at 7,533.77, down 38.63 points or 0.51%, with 371 of 503 members higher.
- The DJIA closed at 52,553.00, down 105.64 points or 0.2%, with 22 of 30 members higher.
- The Nasdaq 100 closed at 29,025.77, down 476.83 points or 1.62%, with 55 of 103 members higher.
- Goldman Sachs was the single biggest drag in the Dow, subtracting 334.57 points on a 4.89% decline.
- Nvidia was the biggest drag in the S&P 500, subtracting 12.13 points on a 2.4% decline.
- Consumer Staples was the day's strongest sector, up 2.8%, led by Philip Morris International's 4.97% gain.
- Technology was the day's weakest sector, down 2.27%, with Nvidia's decline accounting for 0.58 points of the drop.
- The S&P 500's move ranks in the 18th percentile of the past year, the Dow's in the 32nd percentile, and the Nasdaq 100's in the 8th percentile.
From Babylon Burns
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