The S&P 500 closed at 7,673.52, down 45.08 points, or 0.58%, on the day. Breadth was negative, with 146 of the index's 503 members finishing higher, and the equal-weight version of the index fell 0.96%, a wider decline than the headline number.
Nvidia was the index's single largest drag, subtracting 12.21 points on a 2.01% decline. Apple cost another 5.95 points on a 1.17% drop, and Microsoft shaved 4.61 points off the index as it slipped 1.15%. Amgen's steep single-day fall reached the S&P 500 too, costing it 2.82 points despite its small index weight, and Eli Lilly rounded out the top drags with 2.21 points on a 2.22% decline. On the other side, Broadcom added 5.23 points on a 2.98% gain, AMD contributed 4.63 points as it rose 5.9%, Intel added 4.19 points on a 9.05% jump, Tesla contributed 4.07 points on a 3.98% rise, and Lam Research added 1.64 points on a 4.15% gain.
The Dow
The Dow closed at 52,786.07, down 628.18 points, or 1.18%. Breadth was thin, with only 5 of its 30 members higher, and the equal-weight Dow fell 1.14%, nearly matching the headline decline. Where the S&P 500's damage was spread across several mega-cap tech names, the Dow's was concentrated almost entirely in one health care stock.
Amgen alone cost the Dow 261.88 points as shares fell 10.08%, the largest single contribution to any index today. Salesforce subtracted another 60.09 points on a 3.9% decline, Sherwin-Williams cost 45.29 points on a 2.28% drop, Home Depot took off 43.69 points on a 2.29% fall, and Visa shaved 38.22 points on a 1.71% decline. Caterpillar was the strongest support, adding 50.76 points on a 1.05% gain, followed by UnitedHealth's 21.99-point contribution on a 0.93% rise. Chevron, Coca-Cola, and McDonald's each added small amounts on modest gains.
The Nasdaq 100
The Nasdaq 100 closed at 29,507.70, down 36.45 points, or 0.12%, the smallest move of the day's three major indexes. Breadth was negative, with 37 of its 102 members higher, and the equal-weight Nasdaq 100 fell 0.59%. Where the Dow's damage came from a single large blow, the Nasdaq 100 saw its chip and EV names close most of the gap that Nvidia's decline opened.
Nvidia was again the largest single drag, this time subtracting 123.22 points on the same 2.01% decline. Apple cost 60.44 points, Microsoft 47.15 points, Amgen 26.3 points, and Micron 20.37 points on a 1.61% fall. But Space Exploration Technologies added 82.74 points on a 3.73% gain, Tesla contributed 61.41 points on its 3.98% rise, Broadcom added 56.03 points, AMD added 50.78 points, and Intel added 50.6 points on its 9.05% jump, together nearly offsetting the index's largest drags.
The sectors
Eleven sectors traded today and the split ran mostly defensive over cyclical. Energy led with a 1.12% gain, followed by Utilities up 0.86% and Technology up 0.32%. Real Estate was roughly flat, down 0.08%, while Communication Services, Industrials, Consumer Staples, Consumer Discretionary, Materials, and Financials all closed lower. Health Care was by far the weakest sector, falling 2.5%.
Energy was the day's strongest sector, adding 0.72 points as a group on its 1.12% rise. Valero Energy was the top individual driver within the sector, contributing 0.11 points on a 3.29% gain.
Health Care was the weakest sector by a wide margin, falling 2.5% and subtracting 4.29 points. Amgen's 10.08% decline was the sector's dominant driver, costing it 0.69 points on its own.
None of today's index moves ranked as large by the standard measures. The S&P 500's 0.58% decline sits at the 16th percentile of moves over the past year, the Dow's 1.18% drop sits at the 7th percentile, and the Nasdaq 100's 0.12% move sits at the 41st percentile. All three land well short of the 85th-percentile threshold that would mark an outsized session.
The numbers
- The S&P 500 closed at 7,673.52, down 45.08 points, or 0.58%, with 146 of its 503 members higher.
- The Dow closed at 52,786.07, down 628.18 points, or 1.18%, with just 5 of its 30 members higher.
- The Nasdaq 100 closed at 29,507.70, down 36.45 points, or 0.12%, with 37 of its 102 members higher.
- Amgen was the single biggest drag across all three indexes, subtracting 261.88 points from the Dow, 26.3 points from the Nasdaq 100, and 2.82 points from the S&P 500 on a 10.08% decline.
- Nvidia was the S&P 500's and Nasdaq 100's largest single drag, costing 12.21 and 123.22 points respectively on a 2.01% decline.
- Caterpillar was the Dow's strongest support, adding 50.76 points on a 1.05% gain.
- Energy was the day's strongest sector, up 1.12%, led by Valero Energy's 3.29% gain.
- Health Care was the day's weakest sector, down 2.5%, dragged by Amgen's 10.08% drop.
- The S&P 500's move ranks in the 16th percentile of the past year, the Dow's in the 7th, and the Nasdaq 100's in the 41st, none large by the 85th-percentile threshold.
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 Silver's coming rip: EVERYTHING you need to know about silver (and why I think it is going to rip).
Want our free weekly recap of what moved the market, straight to your inbox? Subscribe to the WMTMT Substack.