The S&P 500 closed at 7,457.69, down 76.08 points, or 1.01%, on the day. Breadth was weak, with only 147 of the index's 503 members finishing higher, and the decline was concentrated: the index's top five drags accounted for 32% of the day's move.
Nvidia was the single largest drag, subtracting 12.7 points on a 2.21% decline. Microsoft took off another 6.15 points. Alphabet's two share classes together subtracted 9.3 points, with GOOGL down 5.15 points and GOOG down 4.15 points, both on a 2.17% decline. Meta added another 4.67 points to the negative side. On the other end, gains were thin: Seagate contributed 1.0 point on a 5.66% jump, and Cisco, Eli Lilly, Johnson & Johnson and Apple each added less than a point.
The Dow
The DJIA closed at 52,146.00, down 406.97 points, or 0.77%, a smaller percentage loss than either of the other two indexes despite breadth that was worse: only 7 of 30 members rose. Concentration ran high at 69%, and the equal-weight version of the average fell 0.74%, nearly matching the headline move.
Goldman Sachs did the most damage, down 179.73 points on a 2.76% decline. Home Depot subtracted 54.38 points, Alphabet's Dow-listed shares took off another 45.71, Microsoft 43.27, and Sherwin-Williams 40.54. The Dow's story diverges sharply from the S&P's here: Travelers jumped 9.22%, adding 185.2 points, by far the largest single contribution in either index today, and it kept the Dow's overall decline shallower than its breadth would suggest. Chevron, Caterpillar, Johnson & Johnson and UnitedHealth rounded out the positive side with smaller gains.
The Nasdaq 100
The Nasdaq 100 closed at 28,592.66, down 433.11 points, or 1.49%, the steepest percentage decline of the three indexes today. Breadth was thin, with just 23 of 103 members higher, and the equal-weight version fell 1.33%, close to the cap-weighted move, a sign the selling reached beyond the largest names even as they led the point damage.
Nvidia again topped the drag list, subtracting 63.39 points. SpaceX shares fell 5.43%, taking off 53.19 points. Alphabet's two classes together subtracted 106.34 points here, with GOOGL down 53.17 and GOOG down another 53.17, both again on the 2.17% decline. Microsoft subtracted 30.86 points. On the positive side, Seagate added 5.4 points, Cisco 5.13, Apple 4.02, Arm 3.15 and Palo Alto Networks 2.18.
The sectors
All but one of the eleven sectors finished lower. Energy was the lone gainer, up 1.16%. Real Estate was roughly flat at negative 0.09%. Industrials, Health Care, Utilities, Consumer Staples and Materials all fell between 0.39% and 0.75%. Financials dropped 0.89%, Technology fell 1.09%, and Consumer Discretionary and Communication Services led the declines.
Energy's gain was driven by Chevron, which added 0.16 points to the sector on a 1.91% rise, the sector's top contributor by a wide margin over the rest of the group.
Communication Services was the day's weakest sector, down 1.78%. Meta led the drag, subtracting 0.61 points on a 2.79% decline, consistent with the broader weakness in Alphabet and Meta shares that showed up across the S&P 500 and Nasdaq 100 tallies above.
None of today's index moves register as large by the payload's own measure. The S&P 500's decline sits at the 9th percentile of the past year's moves, the Dow's at the 13th percentile, and the Nasdaq 100's at the 11th percentile, all well below the 85th-percentile threshold for a large move despite the Nasdaq 100's near 1.5% drop.
The numbers
- The S&P 500 closed at 7,457.69, down 76.08 points or 1.01%, with only 147 of 503 members higher.
- The Dow closed at 52,146.00, down 406.97 points or 0.77%, with just 7 of 30 members higher.
- The Nasdaq 100 closed at 28,592.66, down 433.11 points or 1.49%, with 23 of 103 members higher.
- Nvidia was the single largest drag on both the S&P 500 (-12.7 points) and the Nasdaq 100 (-63.39 points).
- Travelers was the day's biggest single driver in either direction, adding 185.2 points to the Dow on a 9.22% jump.
- Energy was the day's strongest sector, up 1.16%, led by Chevron.
- Communication Services was the day's weakest sector, down 1.78%, led lower by Meta.
- All three index moves rank low against the past year: the 9th percentile for the S&P 500, the 13th for the Dow, and the 11th for the Nasdaq 100.
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