The S&P 500 closed at 7,753.11, down 4.53 points, or 0.06%, on the day. Breadth was tilted slightly negative, with 230 of the index's 502 members finishing higher. The index's equal-weight counterpart actually rose 0.01%, so the modest headline decline came from a small group of large-cap names pulling harder than the broader market pushed.
Nvidia did most of the damage, subtracting 10.38 points as shares fell 2.86%. Apple followed with a 4.91-point drag on a 1.62% decline, and Broadcom, AMD and Intel rounded out the top five detractors, all chip-related names moving lower together. On the other side, Microsoft added 2.89 points, Amazon 2.27, Eli Lilly 2.25 on a 3.84% gain, Exxon Mobil 1.74 on a 4.4% move, and Alphabet's Class A shares 1.22.
The Dow
The Dow closed at 53,975.98, down 60.95 points, or 0.11%. Breadth was weaker here than in the S&P, with only 14 of 30 members higher, and concentration ran hot at 216% of the index's move coming from its top five detractors. The equal-weight read on the Dow rose 0.06%, another sign that a small cluster of stocks, not the broad average, set the day's direction.
Travelers led the drag with a 51.65-point subtraction on a 2.26% decline, followed by Sherwin-Williams at 41.72 points, Nvidia at 38.10, Goldman Sachs at 30.31 and Apple at 30.13. None of these are names that typically move together, which is part of why the Dow's story diverges from the S&P's chip-led narrative. Chevron was the standout offset, adding 49.63 points on a 4.48% gain, with Amgen, Microsoft, Salesforce and Amazon also contributing positively.
The Nasdaq 100
The Nasdaq 100 closed at 29,621.80, down 100.50 points, or 0.34%, the largest percentage decline of the three indexes today. Breadth was the thinnest of the group, with 47 of 102 members higher, and concentration reached 403%, reflecting just how much of the index's move traced back to a handful of chip stocks.
Nvidia alone subtracted 246.46 points, by far the single largest contribution of any stock in any index today. Apple took off another 117.56 points, with Broadcom, AMD and Intel adding to the semiconductor-led decline. Space Exploration Technologies was the top offset, adding 117.91 points on a 4.23% gain, followed by Microsoft at 71.61 points and Amazon at 61.87. Alphabet showed up twice in the bottom five: its Class A shares added 62.57 points and its Class C shares added 46.05 points, and the two share classes together added 108.62 points to the index, making Alphabet collectively as significant a positive as any single name on the list.
The sectors
Eleven sectors split roughly evenly between gainers and decliners, with the spread wide enough to show a rotation rather than a broad risk-off or risk-on session.
Energy was the strongest sector, up 4.68% and adding 2.69 points, with Exxon Mobil the top driver, contributing 0.54 points on a 4.4% gain. Health Care followed at 1.67%, helped by Eli Lilly's 1.00-point contribution on a 3.84% move.
Real Estate was the weakest sector, down 1.26% and subtracting 0.56 points, with CBRE the top drag, off 2.87% and costing the sector 0.05 points. Technology also finished lower, down 0.87%, with Nvidia again the largest single detractor at 0.70 points.
None of today's index moves rank as large by the past year's standards. The S&P 500's move sits at the 40th percentile of the past year, the Dow's at the 37th, and the Nasdaq 100's at the 32nd, placing this session firmly in the ordinary range of daily activity.
The numbers
- The S&P 500 closed at 7,753.11, down 4.53 points, or 0.06%, with 230 of 502 members higher.
- The Dow closed at 53,975.98, down 60.95 points, or 0.11%, with 14 of 30 members higher.
- The Nasdaq 100 closed at 29,621.80, down 100.50 points, or 0.34%, with 47 of 102 members higher.
- Nvidia was the day's biggest single drag across all three indexes, subtracting 246.46 points from the Nasdaq 100 alone.
- Space Exploration Technologies was the Nasdaq 100's biggest positive contributor, adding 117.91 points on a 4.23% gain.
- Energy was the day's strongest sector, up 4.68%, led by Exxon Mobil's 4.4% gain.
- Real Estate was the day's weakest sector, down 1.26%, led lower by CBRE's 2.87% decline.
- The S&P 500's move ranks at the 40th percentile of the past year, the Dow's at the 37th, and the Nasdaq 100's at the 32nd.
From Babylon Burns
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