The S&P 500 closed at 7,641.16, down 66.82 points, or 0.87%, on the day. Breadth was negative, with 159 of the index's 502 members finishing higher. Concentration ran mixed at 32%, and the move looked similar whether you weighted by market cap or gave every stock an equal vote: the equal-weight version of the index fell 0.69%.
Apple was the single largest drag, subtracting 9.24 points as shares fell 1.75%. Amazon took off another 6.41 points on a 2.16% decline, and Walmart cost the index 5.64 points as its shares dropped 9.15%. Eli Lilly and Alphabet's Class A shares rounded out the top drags. On the other side, Micron added 4.51 points after climbing 3.97%, with Marvell, Deere, Broadcom, and Exxon Mobil also finishing in positive territory.
The Dow
The Dow fell much harder in percentage terms, closing at 52,759.00, down 704.05 points, or 1.32%. Breadth was thin, with only 6 of its 30 members higher, and the equal-weight move of negative 1.45% shows this was a broad decline rather than a narrow one. Goldman Sachs did the most damage, taking off 117.09 points on a 1.93% drop. Walmart's 9.15% slide cost the Dow 62.17 points, and Home Depot, American Express, and Amgen each subtracted more than 50 points apiece. Travelers and McDonald's were the only real offsets, adding 13.49 and 9.99 points respectively.
The Nasdaq 100
The Nasdaq 100 closed at 29,213.16, down 212.86 points, or 0.72%, a smaller percentage decline than either the Dow or the S&P 500. Breadth was still negative, with 34 of 102 members higher, and concentration sat at 52%, well above what the S&P 500 or the Dow showed today. Walmart was again the top drag here, costing the index 38.22 points, just ahead of Apple's 37.06-point hit. Space Exploration Technologies subtracted 35.21 points on a 4.05% decline, a name that does not show up in the Dow or S&P 500 contributor lists, and Amazon and Alphabet rounded out the top five drags. Chip names did the heavy lifting on the other side: Micron added 19.3 points, Marvell added 5.52, and Broadcom, AMD, and Sandisk all finished positive.
The sectors
Of the eleven sectors, only two closed higher. Energy and real estate posted modest gains, while the rest of the market fell, led lower by health care, consumer discretionary, consumer staples, and industrials, each down more than a percentage point.
Energy was the day's strongest sector, up 0.28%. ConocoPhillips led the group, contributing 0.12 points as its shares rose 3.32%.
Health care was the weakest sector by a wide margin, falling 1.85%. Eli Lilly did the most damage, subtracting 0.72 points on a 2.68% decline, and the sector fell more than the industrials, consumer staples, and consumer discretionary groups that followed it down.
Against the past year, today's move ranked in the 12th percentile for the S&P 500, the 5th percentile for the Dow, and the 22nd percentile for the Nasdaq 100. None of the three qualifies as a large move by that measure, despite the Dow's outsized point drop.
The numbers
- The S&P 500 closed at 7,641.16, down 66.82 points, or 0.87%, with 159 of 502 members higher.
- The Dow closed at 52,759.00, down 704.05 points, or 1.32%, with only 6 of 30 members higher.
- The Nasdaq 100 closed at 29,213.16, down 212.86 points, or 0.72%, with 34 of 102 members higher.
- Walmart shares fell 9.15%, making it the single biggest drag across all three indexes, costing the S&P 500 5.64 points, the Dow 62.17 points, and the Nasdaq 100 38.22 points.
- Apple was the S&P 500's largest single drag, subtracting 9.24 points on a 1.75% decline.
- Micron was the strongest positive contributor in both the S&P 500 and the Nasdaq 100, adding 4.51 and 19.3 points respectively after rising 3.97%.
- Health care was the day's weakest sector, down 1.85%, led lower by Eli Lilly's 2.68% decline.
- Energy was the day's strongest sector, up 0.28%, led by ConocoPhillips' 3.32% gain.
- The S&P 500's move ranked in the 12th percentile of the past year, the Dow's in the 5th percentile, and the Nasdaq 100's in the 22nd percentile.
From Babylon Burns
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