The S&P 500 closed at 7,743.41, up 39.28 points, a move of 0.51% on the day. Breadth was solidly positive, with 325 of the index's 496 members higher, though the index's own gain leaned on a small group of names: the top five contributors made up 69% of the day's points, a narrow concentration by the index's own measure.
Microsoft did the heavy lifting, adding 16.33 points on a 3.66% gain, more than any other name in the index. Apple added 9.25 points on a 1.53% move, and Nvidia, JPMorgan, and Broadcom rounded out the top five with contributions of 1.48, 1.48, and 1.45 points respectively. On the other side, Meta Platforms was the single biggest drag, subtracting 7.39 points on a 3.33% decline, followed by Intel, Tesla, Palo Alto Networks, and CrowdStrike, all lower on the day.
The Dow
The DJIA closed at 51,829.00, up 479.02 points, a move of 0.93%, roughly double the S&P's percentage gain. Breadth was broad, with 22 of 30 components higher, and the top five contributors accounted for 58% of the day's points, a wider spread than the S&P's own math. Microsoft was again the largest single contributor, adding 108.41 points, but the Dow's story diverged from the S&P's beyond that: Caterpillar added 97.06 points on a 2.03% gain, Goldman Sachs added 72.27 points, Sherwin-Williams added 51.71, and Amgen added 50.94, none of which show up among the S&P's leaders. Salesforce was the Dow's biggest drag, subtracting 24.96 points on a 1.76% decline, with IBM, Chevron, Visa, and McDonald's also lower.
The Nasdaq 100
The Nasdaq 100 closed at 30,608.13, up 129.27 points, a move of 0.42%, the smallest percentage gain of the three indexes today. Breadth was more mixed here, with 65 of 99 members higher, and concentration ran to 94%, far narrower than either the S&P or the Dow. Microsoft contributed 69.42 points and Apple added 38.52, and the two Alphabet share classes together added 22.76 points. Nvidia added a modest 6.05 points. The index's laggards were the same five names dragging on the S&P: Meta subtracted 33.86 points, Intel 11.89, Tesla 11.8, Palo Alto Networks 6.36, and CrowdStrike 4.08, a heavier weight here than in the broader index given the Nasdaq 100's tighter membership.
The sectors
Across the eleven sectors, the spread ran from a gain of 0.94% to a decline of 0.92%. Industrials led at 0.94%, followed by Technology at 0.79% and Financials at 0.53%. Energy and Communication Services were the only two sectors in the red, down 0.86% and 0.92% respectively.
Industrials was the day's strongest sector, up 0.94% and adding 1.59 points, with General Electric its top named driver, contributing 0.25 points on a 2.33% gain.
Communication Services was the weakest sector, down 0.92% and losing 1.05 points. Meta Platforms was the primary driver of that decline, subtracting 0.88 points on its 3.33% drop, consistent with its role as the largest single drag across both the S&P 500 and the Nasdaq 100 today.
Set against the past year, today's Dow move ranks in the 88th percentile, a large move by this note's standard. The S&P 500's 0.51% gain sits in the 71st percentile, and the Nasdaq 100's 0.42% gain sits in the 60th percentile, neither large enough to earn that label.
The numbers
- The S&P 500 closed at 7,743.41, up 39.28 points, or 0.51%, with 325 of 496 members higher.
- The Dow closed at 51,829.00, up 479.02 points, or 0.93%, with 22 of 30 members higher, a move in the 88th percentile of the past year.
- The Nasdaq 100 closed at 30,608.13, up 129.27 points, or 0.42%, with 65 of 99 members higher.
- Microsoft was the single biggest driver across all three indexes, adding 108.41 points to the Dow, 69.42 points to the Nasdaq 100, and 16.33 points to the S&P 500.
- Meta Platforms was the S&P 500's and the Nasdaq 100's biggest drag, subtracting 7.39 and 33.86 points respectively on a 3.33% decline.
- Industrials was the day's strongest sector, up 0.94%, led by General Electric's 2.33% gain.
- Communication Services was the day's weakest sector, down 0.92%, led lower by Meta Platforms.
- The S&P 500's top five contributors made up 69% of its points gained, a narrower concentration than the Dow's 58%.
From Babylon Burns
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