The S&P 500 closed at 7,747.71, up 81.11 points, or 1.06%, on the day. Breadth was strongly positive, with 336 of the index's 499 members finishing higher. The gains were broad-based across large technology and consumer names, but the index's advance was held in check by one unusually steep decliner.
Microsoft added 16.40 points on a 2.68% gain, and Nvidia contributed 16.39 points as it rose 1.80%. Tesla climbed 5.42% for 8.81 points, Apple gained 1.00% for 8.06 points, and Meta Platforms rose 3.01% for 6.48 points. The largest drag by far came from Amphenol, which fell 48.73% and subtracted 31.90 points from the index, the single biggest swing of the session in either direction. Broadcom slipped 2.74% for a loss of 8.37 points, and Exxon Mobil, Ciena, and Booking Holdings rounded out the bottom of the list with smaller declines.
The Dow
The Dow closed at 53,686.00, up 624.05 points, or 1.18%, with 23 of its 30 members higher on the day. Goldman Sachs alone added 201.01 points on a 3.37% gain, the largest single contribution across all three indexes today. Microsoft added another 79.05 points, Travelers rose 2.21% for 48.14 points, and Caterpillar and Salesforce also finished among the top five contributors.
This is where the Dow's session parts from the S&P 500's. Amphenol and Broadcom, the two names that weighed most heavily on the broader index, are not Dow components, so the blue-chip average carried none of that drag. Its own laggards were modest: McDonald's, Cisco, Disney, Procter & Gamble, and Chevron each gave back less than eight points, leaving the index's advance essentially unchallenged.
The Nasdaq 100
The Nasdaq 100 closed at 29,482.32, up 338.99 points, or 1.16%, with 62 of its 102 members higher. Space Exploration Technologies led all contributors with 59.40 points on a 6.42% gain, ahead of Microsoft's 47.87 points and Nvidia's 47.19 points. Tesla added 37.05 points and Alphabet added 31.77 points on a 1.59% gain.
The Nasdaq 100's leadership diverges from both the Dow and the S&P 500 in one respect: Space Exploration Technologies, absent from either of the other two indexes, contributed more points than any single name did to the S&P 500's advance. Broadcom's 2.74% decline again showed up as the index's largest drag, subtracting 23.24 points, with ASML, Booking Holdings, Cisco, and Western Digital adding smaller losses beneath it.
The sectors
Nine of eleven sectors finished higher. Financials led with a 1.54% gain, followed by Consumer Discretionary up 1.39% and Technology up 1.30%. Real Estate and Industrials also outperformed, while Consumer Staples, Materials, and Energy closed lower.
Financials was the day's strongest sector, gaining 1.54% for 0.89 points. JPMorgan Chase was the top driver, rising 1.64% and adding 0.11 points.
Energy was the weakest sector, down 0.71% for a loss of 0.46 points. Exxon Mobil was the top driver of the decline, falling 1.16% and subtracting 0.16 points.
Against the past year of trading, today's S&P 500 move sits in the 91st percentile and the Dow's move sits in the 92nd percentile, putting both among the larger sessions of the past twelve months. The Nasdaq 100's move, at the 83rd percentile, was sizable in points but falls short of that threshold.
The numbers
- The S&P 500 closed at 7,747.71, up 81.11 points or 1.06%, with 336 of 499 members higher.
- The Dow closed at 53,686.00, up 624.05 points or 1.18%, with 23 of 30 members higher.
- The Nasdaq 100 closed at 29,482.32, up 338.99 points or 1.16%, with 62 of 102 members higher.
- Goldman Sachs added 201.01 points to the Dow on a 3.37% gain, the largest single contribution of the session.
- Amphenol was the S&P 500's biggest drag, falling 48.73% and subtracting 31.90 points.
- Financials was the day's strongest sector, rising 1.54%, led by JPMorgan Chase.
- Energy was the day's weakest sector, falling 0.71%, dragged down by Exxon Mobil.
- The S&P 500's move ranks in the 91st percentile of the past year, the Dow's in the 92nd percentile, and the Nasdaq 100's in the 83rd percentile.
From Babylon Burns
WMTMT is brought to you by the founders of Babylon Burns. If you want to stay ahead of the markets, read their recent piece on Babylon Burns reader Q&A: Q&A: The most asked questions about Babylon Burns (and my answers).
Want our free weekly recap of what moved the market, straight to your inbox? Subscribe to the WMTMT Substack.