The S&P 500 closed at 7,691.76, down 53.30 points, or 0.69%, on the day. Breadth was negative, with 228 of the index's 501 members finishing higher, and the equal weight version of the index fell 0.44%, a wider decline than the cap weighted figure.
Nvidia was the single largest drag, subtracting 13.83 points on a 2.34% decline. Micron gave back 9.11 points on a 7.02% drop, and Broadcom took away another 6.43 points as it fell 3.17%. Meta Platforms and Advanced Micro Devices rounded out the list of biggest detractors, down 4.45% and 4.27% respectively. On the other side, Apple added 6.80 points on a 1.45% gain, and Eli Lilly, Johnson & Johnson, ExxonMobil and AbbVie each chipped in smaller gains.
The Dow
The Dow closed at 53,343.00, down 116.78 points, or 0.22%, even though 19 of its 30 components finished higher. That divergence traces to Caterpillar, which alone subtracted 242.38 points on a 4.63% slide, several times larger than the index's total decline. Goldman Sachs took off another 64.43 points, and Nvidia, Sherwin-Williams and Boeing added smaller drags.
Johnson & Johnson provided the biggest offset, adding 51.95 points on a 3.33% gain, with Amgen, Visa, Salesforce and Apple also pushing higher. The mix contrasts with the S&P 500, where the same Nvidia weakness reinforced rather than offset the broader decline.
The Nasdaq 100
The Nasdaq 100 closed at 29,490.96, down 504.42 points, or 1.68%, the sharpest decline of the day among the three indexes. Breadth was the weakest of the three as well, with only 45 of 102 members higher.
Nvidia again led the drag, this time for 109.96 points, with Micron off 69.13 points, Meta Platforms down 55.57 points, Broadcom down 50.96 points and Space Exploration Technologies subtracting 33.82 points on a 1.98% decline. Apple was the largest positive contributor by a wide margin, adding 55.87 points on its 1.45% gain, well ahead of Microsoft's 8.19 point add. Netflix, Walmart and Gilead Sciences rounded out the smaller gainers. The concentration of losses in a handful of chip and platform names pulled the Nasdaq 100 down far more than either the S&P 500 or the Dow.
The sectors
The eleven sector ETFs split three higher and eight lower. Energy and Health Care were the only sectors to add more than a point apiece, while Technology and Industrials led the declines.
Energy was the strongest sector of the day, up 1.73%, adding 1.09 points, with ExxonMobil the top driver, contributing 0.34 points on a 2.58% gain.
Technology was the weakest sector, down 2.49%, subtracting 4.74 points, with Nvidia again the top driver, taking away 0.62 points on its 2.34% decline. Industrials was not far behind, down 1.48%, or 2.76 points, as GE Vernova fell 6.91%, subtracting 0.66 points.
None of the day's moves ranked as large by the past year's standards. The S&P 500's decline sits at the 14th percentile of moves over the last year, the Dow's at the 31st percentile, and the Nasdaq 100's at the 9th percentile, all well short of the 85th percentile threshold that would mark an outsized session.
The numbers
- The S&P 500 closed at 7,691.76, down 53.30 points, or 0.69%, with 228 of 501 members higher.
- The Dow closed at 53,343.00, down 116.78 points, or 0.22%, even as 19 of its 30 members rose.
- The Nasdaq 100 closed at 29,490.96, down 504.42 points, or 1.68%, with only 45 of 102 members higher.
- Nvidia was the biggest single drag on both the S&P 500 (-13.83 points) and the Nasdaq 100 (-109.96 points).
- Caterpillar was the Dow's biggest drag, subtracting 242.38 points on a 4.63% decline.
- Apple was the Nasdaq 100's largest positive contributor, adding 55.87 points on a 1.45% gain.
- Energy was the day's strongest sector, up 1.73%, led by ExxonMobil's 2.58% gain.
- Technology was the day's weakest sector, down 2.49%, led lower by Nvidia's 2.34% decline.
- The S&P 500's move ranked in the 14th percentile of the past year, the Dow's in the 31st, and the Nasdaq 100's in the 9th.
From Babylon Burns
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