The S&P 500 closed at 7,443.28, down 14.41 points, or 0.19%, on the day. Breadth leaned negative, with only 166 of the index's 503 members finishing higher. Concentration ran to 123%, keeping the session in narrow mode, meaning a small handful of stocks did more work than the modest headline move would suggest.
Apple was the single largest drag on the index, subtracting 11.44 points as shares fell 2.14%. Tesla took off another 3.49 points on a 2.96% decline, Eli Lilly cost 2.84 points on a 2.78% drop, and Johnson & Johnson and Walmart each shaved off roughly a point apiece. Working the other way, Microsoft added 6.57 points on a 2.15% gain and Broadcom contributed 3.63 points, up 1.98%. Alphabet's two share classes, GOOGL and GOOG, together added 5.83 points, with Amazon chipping in another 2.85 points.
The Dow
The Dow closed at 51,839.26, down 307.16 points, or 0.59%, a steeper percentage decline than the S&P 500's. Breadth was thin, with just 10 of 30 members higher, and concentration sat at 66% in narrow mode. Because the Dow is price-weighted, Caterpillar's 1.82% drop translated into a 94.98-point subtraction, the biggest single line item in either large-cap benchmark today. Goldman Sachs cost another 60.57 points on a 0.96% decline, Sherwin-Williams fell 2.33% for a 45.88-point hit, Apple's 2.14% drop again showed up here for 42.50 points, and Home Depot subtracted 34.65 points. Microsoft was the standout gainer, adding 50.34 points on its 2.15% move, with Alphabet's GOOGL class contributing 31.03 points, Salesforce 17.95 points, Amazon 16.40 points and Chevron 13.85 points.
The Nasdaq 100
The Nasdaq 100 closed at 28,604.23, up 11.57 points, or 0.04%, effectively flat. Breadth was better than the other two benchmarks at 44 of 103 members higher, but concentration reached 304%, putting the session firmly in divergence mode: a small group of megacaps pushed the index up while a separate group pulled hard the other way. Alphabet's two classes, GOOG and GOOGL, together contributed 23.49 points, the largest combined driver of the day anywhere in this note. Microsoft added another 11.65 points and Broadcom 6.46 points, with Amazon good for 5.50 points. Offsetting that, Apple's 2.14% decline cost the index 19.44 points, its steepest single drag across all three benchmarks today. Space Exploration Technologies Corp fell 3.34% for a 10.04-point hit, Tesla dropped 2.96% for 7.84 points, and Walmart and Lam Research subtracted smaller amounts on top.
The sectors
Only three of the eleven sectors closed higher. Energy, Communication Services and Technology posted small gains, while the remaining eight sectors slipped, led lower by health care and materials names.
Energy was the day's strongest sector, up 0.49% and adding 0.28 points, with Chevron as the top contributor, adding 0.11 points on a 1.24% gain.
Health Care was the weakest sector, down 1.11% and subtracting 1.79 points, the largest sector decline of the session. Eli Lilly led it lower, subtracting 0.70 points as shares fell 2.78%.
Measured against the past year of sessions, today's S&P 500 move ranks in the 34th percentile, the Dow's move in the 18th percentile, and the Nasdaq 100's in the 45th percentile. None of the three qualifies as a large move by that measure.
The numbers
- The S&P 500 closed at 7,443.28, down 14.41 points or 0.19%, with 166 of 503 members higher.
- The Dow closed at 51,839.26, down 307.16 points or 0.59%, with only 10 of 30 members higher.
- The Nasdaq 100 closed at 28,604.23, up 11.57 points or 0.04%, with 44 of 103 members higher.
- Apple was the single largest drag on the S&P 500, subtracting 11.44 points on a 2.14% decline.
- Microsoft was the largest positive contributor to the S&P 500, adding 6.57 points on a 2.15% gain.
- Caterpillar led the Dow's decliners, subtracting 94.98 points on a 1.82% drop.
- Energy was the day's strongest sector, up 0.49%, led by Chevron's 1.24% gain.
- Health Care was the day's weakest sector, down 1.11%, led lower by Eli Lilly's 2.78% decline.
- The S&P 500's move ranked in the 34th percentile of the past year, the Dow's in the 18th percentile, and the Nasdaq 100's in the 45th percentile.
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