The S&P 500 closed at 7,711.76, down 19.23 points, or 0.25%, on the day. Breadth leaned negative: only 230 of the index's 503 members finished higher. The index's own equal-weight version fell 0.34%, a steeper drop than the headline number, which tells you the cap-weighted average was cushioned by a small group of large names while the broader membership sold off harder.
Nvidia did the most damage, subtracting 24.68 points on a 4.57% decline. Marvell Technology fell 10.28% and cost 2.26 points, Lam Research dropped 5.24% for 2.05 points, and Advanced Micro Devices and Tesla each chipped in smaller losses. On the other side, Amazon added 8.93 points on a 3.97% gain, Apple contributed 6.9 points, and Microsoft added 5.77. The two Alphabet share classes together added 5.43 points.
The Dow
The Dow closed at 53,560.00, down 9.44 points, or 0.02%, essentially flat. Unlike the S&P, breadth here was actually positive, with 17 of 30 components higher even as the index barely moved, a mixed session rather than a clean divergence.
Caterpillar was the single biggest drag, down 2.08% for a loss of 100.8 points, more than Nvidia's 61.99-point hit to this index. Goldman Sachs, Amgen, and 3M rounded out the drag list with smaller declines. Amazon was again the top contributor, adding 60.45 points on its 3.97% gain, followed by Microsoft, Alphabet, Apple, and McDonald's. The Dow's story diverges from the S&P's in its lead actor: an industrial name, not a chipmaker, did the most damage here.
The Nasdaq 100
The Nasdaq 100 closed at 29,433.43, down 208.13 points, or 0.7%, the steepest decline of the three indexes today. Breadth was thin, with only 43 of 101 members up, and the equal-weight version fell 0.97%, again worse than the cap-weighted headline.
Nvidia's 4.57% drop translated into a 704.95-point subtraction here, by far the largest single-stock swing across any of today's three indexes. Tesla, Marvell, Lam Research, and AMD added to the pressure. Amazon offset a large share of that on its own, adding 307.64 points, with Apple contributing 209.56 points and Microsoft 176.39. The two Alphabet classes together added 381.07 points. The Nasdaq 100's heavier weighting toward chip names explains why its decline outpaced both the S&P and the Dow even though the same stocks were moving in the same direction across all three.
The sectors
The eleven sectors spread from a 1.4% gain in Communication Services to a 1.53% loss in Technology, a wide split for a day when the S&P itself barely moved.
Communication Services led, up 1.4% for 1.56 points, with Meta Platforms the top driver at 1.21% and a 0.24-point contribution. Consumer Discretionary was close behind at 1.15%, powered by Amazon's 3.97% move.
Technology brought up the rear, down 1.53% for a loss of 2.88 points, with Nvidia's 4.57% decline accounting for 1.19 points of that drag on its own. Utilities and Industrials also finished lower, but neither came close to Technology's slide.
None of today's three headline moves rank as large by the usual standard. The S&P's 0.25% decline sits at the 31st percentile of moves over the past year, the Dow's 0.02% dip at the 44th percentile, and the Nasdaq 100's 0.7% drop at the 23rd percentile. By that measure this was an ordinary, even quiet, session on the surface, with the real story sitting underneath in how unevenly the gains and losses were distributed.
The numbers
- The S&P 500 closed at 7,711.76, down 19.23 points, or 0.25%.
- The Dow closed at 53,560.00, down 9.44 points, or 0.02%.
- The Nasdaq 100 closed at 29,433.43, down 208.13 points, or 0.7%.
- Only 230 of the S&P 500's 503 members finished higher, while 43 of the Nasdaq 100's 101 members and 17 of the Dow's 30 members were up.
- Nvidia was the day's biggest single drag, subtracting 704.95 points from the Nasdaq 100 on a 4.57% decline.
- Amazon was the biggest single boost across all three indexes, adding 307.64 points to the Nasdaq 100 on a 3.97% gain.
- Communication Services was the day's strongest sector, up 1.4%, led by Meta Platforms.
- Technology was the day's weakest sector, down 1.53%, led lower by Nvidia.
- The S&P 500's move ranks at the 31st percentile of the past year, an ordinary session by that measure.
From Babylon Burns
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