The S&P 500 closed at 7,730.99, up 55.29 points, or 0.72%, on the day. Breadth was soft for a gain of that size: only 149 of the index's 501 members finished higher, meaning the advance rested on a small group of winners while most of the index slipped. The concentration figure backs that up, with the top contributors accounting for 136% of the index's net point move.
Nvidia did the heavy lifting, adding 56.37 points on an 8.74% gain. Broadcom followed with 9.99 points and Microsoft added 8.76. CrowdStrike and Palo Alto Networks, up 20.5% and 12.83% respectively, contributed smaller but notable amounts. On the other side, Amazon was the largest drag at 5.52 points, with GE, Eli Lilly, Meta and Johnson & Johnson each subtracting a little more than a point.
The Dow
The DJIA closed at 53,569.00, up 105.12 points, or 0.2%. That headline number hides a breadth picture far weaker than the S&P's: only 6 of the Dow's 30 members finished higher. Concentration in the Dow ran to 417%, a sign that a small handful of names did all the work while the rest of the average leaned negative.
Salesforce was that work. It added 275.96 points on a 22.58% jump, dwarfing every other contributor in the index. Nvidia added another 108.89 points, IBM 53.02, Microsoft 51.65, and Apple a modest 6.72. Against that, McDonald's fell 2.57% and subtracted 40.83 points, Home Depot dropped 37.09, UnitedHealth 35.42, Caterpillar 29.30, and Visa 25.20. Without Salesforce and Nvidia, the Dow's session would have looked like a decline.
The Nasdaq 100
The NASDAQ 100 closed at 29,641.56, up 417.04 points, or 1.43%, the standout of the three indexes today. Breadth was closer to even, with 51 of 101 members higher, and the move sits at the 89th percentile against the past year, which qualifies as a large move by that standard.
Nvidia's 8.74% gain translated into 275.82 index points here, the single largest driver of any index today. Broadcom added 47.21, Microsoft 40.15, CrowdStrike 24.57, and Tesla 22.09 on a 2.6% gain. The laggards were Amazon, down 1.54% and worth negative 26.98 points, followed by the two Alphabet share classes, which together subtracted 20.85 points. Walmart and Meta rounded out the bottom five.
The sectors
The eleven sectors split sharply, with Technology the lone strong gainer and every other group in the red, led down by Consumer Staples, Health Care and Consumer Discretionary.
Technology rose 3.14%, or 5.74 points, with Nvidia as its top driver, adding 2.19 points on its 8.74% gain. It was the only sector to move meaningfully higher on the day.
Consumer Staples was the weakest sector, down 1.36%, or 1.17 points. Costco led the decline, falling 2.24% and subtracting 0.17 points from the sector.
Set against the past year, the S&P 500's move sits at the 82nd percentile and the Dow's at the 58th, neither large by the 85th-percentile threshold. The Nasdaq 100's 1.43% gain sits at the 89th percentile, the one move today that clears that bar.
The numbers
- The S&P 500 closed at 7,730.99, up 55.29 points, or 0.72%, with only 149 of 501 members higher.
- The DJIA closed at 53,569.00, up 105.12 points, or 0.2%, despite just 6 of 30 members finishing higher.
- The NASDAQ 100 closed at 29,641.56, up 417.04 points, or 1.43%, a move at the 89th percentile of the past year.
- Nvidia was the single largest driver across indexes, adding 275.82 points to the Nasdaq 100 and 56.37 points to the S&P 500.
- Salesforce added 275.96 points to the Dow on a 22.58% gain, the largest single contribution in any index today.
- Amazon was the biggest drag on both the S&P 500 and the Nasdaq 100, subtracting 5.52 and 26.98 points respectively.
- Technology was the day's strongest sector, up 3.14%, while Consumer Staples was the weakest, down 1.36%.
- The S&P 500's move ranked at the 82nd percentile and the Dow's at the 58th percentile against the past year.
From Babylon Burns
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