The S&P 500 closed at 7,709.96, down 13.59 points, or 0.18%, on the day. Breadth was close to even, with 203 of the index's 503 members finishing higher. The move was narrow: the top five names accounted for 55% of the net point change, and the equal weight version of the index fell 0.5%, a wider decline than the headline number, which points to a handful of large stocks cushioning a softer tape underneath.
Alphabet's Class A shares led the drag, subtracting 2.52 points on a 1.29% decline. AppLovin was close behind, down 19.66% for a 2.50-point hit, and Western Digital's 13.03% slide removed 2.43 points. Datadog fell 19.03%, costing 2.00 points, and Honeywell Aerospace's 23.16% drop shaved another 1.77 points. On the other side, Microsoft added 8.15 points on a 2.54% gain, the largest single contribution in either direction, with Apple, Eli Lilly, ExxonMobil and Advanced Micro Devices each adding a bit more than a point.
The Dow
The Dow closed at 53,885.00, down 464.12 points, or 0.85%, a noticeably steeper decline than the S&P 500's. Breadth was clearly negative, with only 10 of the 30 members higher, and the top five point-movers accounted for 64% of the day's net change. The equal weight Dow fell 0.58%.
Goldman Sachs did most of the damage, falling 2.62% and removing 165.11 points on its own. Caterpillar's 1.55% decline cost another 80.36 points, and UnitedHealth, Boeing and Honeywell added to the drag, down 2.14%, 3.34% and 2.97% respectively. Microsoft was again the offset, adding 73.70 points on its 2.54% gain, with Travelers, Disney, Chevron and McDonald's also finishing higher. The Dow's split from the broader market traces to its heavier weighting in Goldman Sachs, Caterpillar and Boeing, none of which carry the same weight in the S&P 500.
The Nasdaq 100
The Nasdaq 100 closed at 29,373.33, down 114.46 points, or 0.39%, landing between the Dow's steeper drop and the S&P 500's shallower one. Breadth was weak, with only 44 of 102 members higher, and concentration ran to 72% of the net move, the index's own divergence pattern. The equal weight Nasdaq 100 fell 1.07%, wider than the headline decline, another sign that a small group of large names carried the tape.
Alphabet's two share classes together subtracted 64.52 points, with the Class A shares down 36.87 points and the Class C shares down 27.65 points. AppLovin, Western Digital and Datadog again showed up among the day's worst performers, off 19.66%, 13.03% and 19.03% respectively. Microsoft's 59.32-point add was the largest positive contribution, and Space Exploration Technologies jumped 6.14% for a 56.47-point boost, the second-largest gain in the index. Apple, Arm Holdings and Advanced Micro Devices also finished higher.
The sectors
Of the 11 sectors, only Energy finished with a clear gain; Communication Services and Health Care eked out small ones, and the rest closed lower, led down by Materials, Real Estate and Industrials.
Energy rose 1.52%, adding 0.87 points, and ExxonMobil did the lifting, up 2.11% for a 0.25-point contribution.
Materials was the day's weakest sector, down 0.89% and shedding 0.47 points. International Paper led the decline, falling 4.12% for a 0.06-point drag.
Against the past year of trading, today's S&P 500 move ranks in the 33rd percentile, a middling session by recent standards. The Dow's decline sits in the 11th percentile and the Nasdaq 100's in the 30th, both closer to the calm end of the range than the volatile one. Nothing in today's session qualifies as a large move by that measure.
The numbers
- The S&P 500 closed at 7,709.96, down 13.59 points, or 0.18%, with 203 of 503 members higher.
- The Dow closed at 53,885.00, down 464.12 points, or 0.85%, with only 10 of 30 members higher.
- The Nasdaq 100 closed at 29,373.33, down 114.46 points, or 0.39%, with 44 of 102 members higher.
- Microsoft was the single largest positive contributor across all three indexes, adding 8.15, 73.70 and 59.32 points respectively.
- Goldman Sachs was the Dow's biggest drag, falling 2.62% and cutting 165.11 points.
- Alphabet's Class A shares were the S&P 500's top drag, down 1.29% for a 2.52-point subtraction.
- Energy was the day's strongest sector, up 1.52%, while Materials was the weakest, down 0.89%.
- The S&P 500's move ranked in the 33rd percentile of the past year; the Dow's ranked in the 11th percentile and the Nasdaq 100's in the 30th.
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