The S&P 500 closed at 7,498.96, down 10.24 points, or 0.14%, on the day. Breadth leaned negative, with only 245 of the index's 503 members finishing higher. Concentration ran at 113%, meaning the index's biggest movers pulled harder in both directions than the net change itself.
Microsoft took the most points off the index at -5.23, followed by Meta Platforms at -3.5, Alphabet's Class A shares at -2.81, Apple at -2.55, and GE Vernova at -2.51 on a retreat of 8.51%. On the other side, Nvidia added 10.52 points on a 2.3% gain, with Broadcom contributing 4.43, AMD 1.18, Johnson & Johnson 1.1, and ExxonMobil 1.05.
The Dow
The Dow closed at 52,219.00, down 5.64 points, essentially flat at -0.01%. Breadth was split, with only 13 of 30 members higher, but the index held its ground because Goldman Sachs alone added 75.13 points on a 1.16% gain, more than offsetting the day's biggest decliners.
Microsoft, Salesforce, Alphabet, UnitedHealth, and IBM were the Dow's heaviest drags, shedding 44.04, 41.96, 30.07, 29.96, and 28.11 points respectively. Johnson & Johnson, Nvidia, Boeing, and Honeywell joined Goldman on the plus side, adding 29.84, 28.35, 22.88, and 18.6 points. This is where the Dow's story splits from the S&P 500's: a single financial name did the work that a pair of chipmakers did for the broader index, and Salesforce's 4.15% drop shows up here with no equivalent in the S&P top movers.
The Nasdaq 100
The Nasdaq 100 closed at 28,998.10, down 157.08 points, or 0.54%, the hardest hit of the three indexes. Breadth was narrow, with just 43 of 103 members higher, and concentration reached 70%.
Space Exploration Technologies led the drag at -53.34 points on a 6.7% decline. Alphabet's two share classes together took off 55.69 points, with GOOGL down 30.17 and GOOG down 25.52. Microsoft cost the index 27.09 points and Meta another 20.78. Nvidia was the largest offset at 56.8 points on its 2.3% gain, with Broadcom adding 24.14, AMD 6.34, Constellation Energy 2.25, and Seagate 1.8. This is the sharpest divergence from the S&P 500 story: the same chip names that cushioned the broader index could not keep pace here against a heavier concentration of megacap tech losses plus the SpaceX decline that has no analog in the S&P or Dow top movers.
The sectors
Across the eleven sectors, the session split cleanly along defensive and cyclical lines. Utilities, materials, and energy led gainers, while communication services, health care, and consumer discretionary brought up the rear.
Utilities was the day's strongest sector, up 2.29%, or 1.03 points, with Constellation Energy the top driver at 0.13 points on a 4.84% gain.
Communication Services was the weakest, down 0.76%, or 0.84 points, with Meta Platforms the top drag at -0.51 points on its 2.58% decline.
None of today's index moves stood out against the past year. The S&P 500's move sits in the 35th percentile, the Dow's in the 45th, and the Nasdaq 100's in the 25th, all comfortably short of the 85th-percentile threshold for a large session.
The numbers
- The S&P 500 closed at 7,498.96, down 10.24 points, or 0.14%, with 245 of 503 members higher.
- The Dow closed at 52,219.00, down 5.64 points, or 0.01%, with only 13 of 30 members higher.
- The Nasdaq 100 closed at 28,998.10, down 157.08 points, or 0.54%, with 43 of 103 members higher.
- Microsoft was the S&P 500's largest single drag, subtracting 5.23 points on a 1.86% decline.
- Nvidia was the S&P 500's largest single driver, adding 10.52 points on a 2.3% gain.
- Alphabet's Class A and Class C shares together subtracted 55.69 points from the Nasdaq 100.
- Goldman Sachs alone added 75.13 points to the Dow, more than offsetting the index's heaviest decliners.
- Utilities was the strongest sector, up 2.29%, while Communication Services was the weakest, down 0.76%.
- All three index moves ranked below the 85th percentile against the past year, with the S&P 500 at the 35th, the Dow at the 45th, and the Nasdaq 100 at the 25th.
From Babylon Burns
WMTMT is brought to you by the founders of Babylon Burns. If you want to stay ahead of the markets, read their recent piece on AI trade cracks: Meta Just Exposed the Biggest Problem in the AI Trade.
Want our free weekly recap of what moved the market, straight to your inbox? Subscribe to the WMTMT Substack.