The S&P 500 closed at 7,619.98, down 37 points, or 0.48%, on the day. Breadth told a different story than the headline number: 281 of the index's 499 members finished higher, a majority gain on a day the index fell, a split that shows a narrow group of large decliners outweighing a broader tilt upward.
The drag came from semiconductor names. Nvidia subtracted 17.38 points on a 3.36% drop, Broadcom took away 8.12 points on a 4.77% decline, and Micron, AMD and Lam Research rounded out the top five detractors, the last falling 8.29%. On the other side, Microsoft added 6.74 points and Alphabet's two share classes together added 10.30 points on gains of 3.22% and 3.06%. Meta and Palo Alto Networks also contributed, with Palo Alto up 13.09% on the session.
The Dow
The Dow closed at 52,421.20, down 152.09 points, or 0.29%. Here the breadth picture flipped the S&P's script even further: 20 of the 30 components finished higher, yet the index still fell, a result of two outsized declines overwhelming a broad tilt higher.
Goldman Sachs did the most damage, subtracting 242.97 points on a 3.97% drop, and Caterpillar was close behind, subtracting 207.67 points on a 4.27% decline. Nvidia, JPMorgan Chase and Amazon added to the pressure. Salesforce was the largest offset, adding 68.95 points on a 4.68% gain, with Alphabet, Microsoft, IBM and McDonald's also finishing in the green. The Dow's arithmetic here diverges sharply from the S&P: a handful of financial and industrial names, not chips, did the heaviest lifting on the downside.
The Nasdaq 100
The Nasdaq 100 closed at 29,127.16, down 241.28 points, or 0.82%, the steepest decline of the three indexes. Breadth was negative here, with only 55 of 100 members higher, aligning more closely with the index's direction than either the S&P or the Dow.
Nvidia again led the drag, subtracting 244.83 points, with Broadcom, Micron, ASML and Space Exploration Technologies also among the top five detractors; ASML fell 7.25%. Alphabet's two share classes together added 358.50 points, by far the largest offsetting force, with Microsoft, Meta and Palo Alto Networks also contributing gains. The chip weakness that only nicked the S&P and split the Dow's breadth was the dominant force in the Nasdaq 100's session.
The sectors
Of the eleven sectors, three finished higher and eight finished lower. Communication Services led with a 2.17% gain, followed by Health Care up 1.43% and Consumer Staples up 1.25%. On the losing side, Industrials fell 1.41% and Technology fell 1.82%, the weakest of the day.
Communication Services' strength traced to Meta Platforms, the sector's top driver, adding 0.59 points on a 2.71% gain. The sector's advance was broad enough to make it the clearest green spot on an otherwise red day.
Technology's decline traced to Nvidia, the sector's top driver on the downside, subtracting 0.78 points on a 3.36% drop. The same chip weakness that shaped the Nasdaq 100's session showed up here as the sector-level story.
None of today's index moves were large by the standard used here. The S&P 500's decline sits at the 22nd percentile of sessions over the past year, the Dow's at the 29th percentile, and the Nasdaq 100's at the 21st percentile, all well below the threshold for an outsized day.
The numbers
- The S&P 500 closed at 7,619.98, down 37 points, or 0.48%, with 281 of its 499 members finishing higher.
- The Dow closed at 52,421.20, down 152.09 points, or 0.29%, even though 20 of its 30 components finished higher.
- The Nasdaq 100 closed at 29,127.16, down 241.28 points, or 0.82%, with 55 of its 100 members finishing higher.
- Nvidia was the single largest drag across the session, subtracting 17.38 points from the S&P 500 and 244.83 points from the Nasdaq 100.
- Alphabet's two share classes together added 10.30 points to the S&P 500 and 358.50 points to the Nasdaq 100.
- Goldman Sachs was the Dow's biggest drag, subtracting 242.97 points on a 3.97% decline.
- Communication Services was the day's strongest sector, up 2.17%, led by Meta Platforms.
- Technology was the day's weakest sector, down 1.82%, led lower by Nvidia.
- The S&P 500's move ranks at the 22nd percentile of the past year, a below-average day for magnitude.
From Babylon Burns
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