The S&P 500 closed at 7,650.50, up 12.74 points, or 0.17%, on the day. Breadth did not match the modest gain: only 150 of the index's 496 members finished higher, and the equal-weight version of the index fell 0.49%, a sign the advance was carried by a small group of large names rather than the market broadly.
Nvidia added 8.55 points and Micron added 5.07, the two largest single contributions in the index. Amazon, AMD and Lam Research followed with 2.98, 2.86 and 2.68 points respectively. On the other side, Meta Platforms subtracted 4.55 points and Microsoft 3.63, with Netflix, Apple and Qualcomm also among the day's largest drags. The S&P 500's top five gainers alone equaled 130% of the index's net move, underscoring how narrow the day's leadership was.
The Dow
The Dow closed at 51,683.00, down 95.04 points, or 0.18%. Breadth was thin, with only 11 of its 30 members higher on the day, and its equal-weight measure fell 0.33%.
Goldman Sachs was the heaviest drag, subtracting 56.29 points, followed by IBM at 48.74, Salesforce at 29.30, Travelers at 28.95 and Microsoft at 23.60. Caterpillar was the largest offsetting gain, adding 61.93 points, with Amgen, Nvidia, Amazon and Alphabet also contributing on the upside. This is where the Dow's story splits from the S&P 500's: Nvidia and Amazon lifted both indices, but Goldman Sachs, IBM and Salesforce, all Dow components with little S&P weight relative to their Dow influence, pulled the blue-chip average into the red while the broader index stayed positive.
The Nasdaq 100
The Nasdaq 100 closed at 29,644.17, up 197.19 points, or 0.67%, the strongest showing of the three indices. Breadth was still narrow, with 41 of 99 members higher, though the equal-weight version managed a small 0.17% gain, less lopsided than the S&P 500's internal split.
Nvidia contributed 96.39 points and Micron 59.04, by far the two largest pushes in the index. Amazon added 37.10, Alphabet 36.89 and AMD 32.82. On the downside, Meta Platforms subtracted 57.59 points, Microsoft 40.24, Space Exploration Technologies 38.91, Netflix 20.01 and Apple 17.33. The Nasdaq 100's gain leaned on the same chip names driving the S&P 500 higher, but its heavier weighting in Nvidia and Micron let those two stocks outrun the drag from Meta and Microsoft in a way the S&P 500 could not fully match.
The sectors
Sector performance ranged from Technology's 0.82% gain to Utilities's 1.44% decline, with Industrials also positive at 0.42% and Financials flat. Energy, Health Care, Consumer Discretionary, Consumer Staples, Real Estate, Communication Services and Materials all closed lower.
Technology was the day's strongest sector, up 0.82%, or 1.55 points, with Nvidia its top driver, adding 0.58 points on a 1.34% gain.
Utilities was the weakest sector, down 1.44%, or 0.60 points, with Constellation Energy the top drag, subtracting 0.09 points as it fell 3.08%.
Against the past year of sessions, today's moves were unremarkable by the numbers: the S&P 500's 0.17% gain sits at the 54th percentile, the Dow's 0.18% decline at the 35th percentile, and the Nasdaq 100's 0.67% gain at the 69th percentile. None of the three qualifies as a large move by this measure.
The numbers
- The S&P 500 closed at 7,650.50, up 12.74 points, or 0.17%, with only 150 of 496 members higher.
- The Dow closed at 51,683.00, down 95.04 points, or 0.18%, with just 11 of 30 members higher.
- The Nasdaq 100 closed at 29,644.17, up 197.19 points, or 0.67%, with 41 of 99 members higher.
- Nvidia was the single biggest driver in both the S&P 500, adding 8.55 points, and the Nasdaq 100, adding 96.39 points.
- Goldman Sachs was the Dow's biggest drag, subtracting 56.29 points on a 1% decline.
- Meta Platforms was the Nasdaq 100's biggest drag, subtracting 57.59 points on a 2.43% decline.
- Technology was the strongest sector, up 0.82%, led by Nvidia.
- Utilities was the weakest sector, down 1.44%, led lower by Constellation Energy.
- The S&P 500's move ranks in the 54th percentile of sessions over the past year, the Dow's in the 35th, and the Nasdaq 100's in the 69th.
From Babylon Burns
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