The S&P 500 closed at 7,411.98, up 3.68 points, or 0.05%, on the day. Breadth was positive, with 364 of the index's 503 members finishing higher, but the index-level move barely registered next to that participation, a sign that the gainers and losers were largely offsetting each other in dollar terms.
Apple did the heaviest lifting, adding 18.75 points on a 3.53% gain, more than five times the contribution of any other name in the index. Alphabet's Class A shares added 1.39 points, Verizon added 1.19 points on a 5.93% jump, Johnson & Johnson added 1.14 points, and JPMorgan Chase added 1.01 points. On the other side, Micron Technology subtracted 9.77 points after falling 6.99%, Broadcom subtracted 5.97 points, Nvidia subtracted 5.46 points, Intel subtracted 4.72 points after a 7.89% decline, and Advanced Micro Devices subtracted 3.48 points. Apple's single contribution nearly offset the entire chip complex on its own.
The Dow
The DJIA closed at 51,947.00, up 235.35 points, or 0.46%, with 23 of its 30 members finishing higher. That is a meaningfully firmer day than the S&P 500 saw, and the gap traces to the index's composition rather than anything broader in the market.
Apple again led, contributing 67.52 points on its 3.53% move. Travelers added 64.73 points on a 2.89% gain, Home Depot added 49.15 points on a 2.55% gain, IBM added 44.7 points on a 3.64% gain, and Sherwin-Williams added 41.96 points. American Express was the largest drag, subtracting 87.43 points after falling 4.32%, followed by Goldman Sachs, which subtracted 81.61 points on a 1.28% decline. Caterpillar, Honeywell, and UnitedHealth rounded out the laggards, subtracting 34.53, 18.54, and 17.3 points respectively. The Dow's chip exposure is thin, which is the main reason it moved in the opposite direction from the Nasdaq 100 today.
The Nasdaq 100
The Nasdaq 100 closed at 28,128.34, down 326.47 points, or 1.15%, with only 57 of its 103 members finishing higher. This is the day's clearest divergence: an index up at the Dow, flat at the S&P 500, and down more than a point at the Nasdaq 100, all on the same session.
Micron Technology was the single largest drag, subtracting 91.12 points on its 6.99% decline. Broadcom subtracted 58.47 points, Nvidia subtracted 54.13 points, Space Exploration Technologies subtracted 48.34 points, and Intel subtracted 46.31 points. Apple was again the offsetting force, adding 194.37 points, more than double the combined drag of Micron and Broadcom. Alphabet's two share classes, GOOGL and GOOG, together added 39.52 points. T-Mobile US added 12.19 points on a 5.67% gain, and Walmart added 9.92 points. None of that was enough to counter the chip-led selling.
The sectors
Ten of the eleven sectors finished higher, with only Technology in the red. The spread ran from Real Estate's 2.22% gain down to Technology's 1.44% decline, a wide range for a session where the S&P 500 itself barely moved.
Real Estate was the day's strongest sector, up 2.22%, led by Digital Realty Trust, which gained 10.9%. Materials followed close behind at 1.91%, with Smurfit WestRock up 11.12%.
Technology was the day's weakest sector, down 1.44%, weighed down by Micron Technology's 6.99% decline. It was the only sector to post a loss, standing apart from a broadly positive session everywhere else in the market.
None of the three major indices had a large move by the standard of the past year. The S&P 500's 0.05% gain sits at the 48th percentile, the Dow's 0.46% gain at the 71st percentile, and the Nasdaq 100's 1.15% decline at the 15th percentile, ordinary sessions for each measured against their own recent history.
The numbers
- The S&P 500 closed at 7,411.98, up 3.68 points, or 0.05%, with 364 of 503 members higher.
- The Dow closed at 51,947.00, up 235.35 points, or 0.46%, with 23 of 30 members higher.
- The Nasdaq 100 closed at 28,128.34, down 326.47 points, or 1.15%, with 57 of 103 members higher.
- Apple was the day's biggest single driver, adding 194.37 points to the Nasdaq 100 and 67.52 points to the Dow.
- Micron Technology was the day's biggest drag, subtracting 91.12 points from the Nasdaq 100 after falling 6.99%.
- The Dow's top five contributors and top five drags accounted for 77% of its concentration reading.
- Real Estate was the strongest sector, up 2.22%, led by Digital Realty Trust's 10.9% gain.
- Technology was the weakest sector, down 1.44%, weighed down by Micron Technology's decline.
- The S&P 500's move ranked at the 48th percentile of the past year, the Dow's at the 71st, and the Nasdaq 100's at the 15th.
From Babylon Burns
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