The S&P 500 closed at 7,651.54, down 19.30 points, a move of -0.25% on the day. Breadth was narrow and tilted negative, with only 117 of the index's 500 members trading higher, and the equal-weight version of the index fell -0.73%, a steeper drop than the headline number implies. Concentration held at 41%.
META PLATFORMS led the drag, subtracting 3.50 points on a -1.84% decline. Eli Lilly took off 2.29 points on a -2.07% move, Broadcom shed 2.15 points, Walmart's -2.70% slide cost the index 1.51 points, and Visa's -1.79% decline erased 1.30 points. On the other side, Apple added 5.98 points on a 1.10% gain, Microsoft contributed 3.32 points, Nvidia added 3.22 points, Amazon chipped in 2.76 points, and Intel's 3.71% jump added 2.36 points.
The Dow
The Dow closed at 50,906.00, down 443.92 points, a decline of -0.86%, meaningfully worse than the S&P 500's session. Breadth was thin, with only 8 of the Dow's 30 members higher, and the equal-weight move of -0.79% confirmed the pressure was broad rather than isolated. Concentration reached 53%.
Goldman Sachs was the single largest drag, down -1.73% and costing the average 94.38 points. Caterpillar was close behind, off -1.92% for a loss of 94.21 points. UnitedHealth subtracted 46.72 points on a -2.10% move, Sherwin-Williams fell -2.17% for a 42.62-point hit, and Travelers dropped -1.84% for 39.82 points. Salesforce was the best performer, up 1.89% and adding 25.32 points, with Microsoft, Apple, Alphabet, and Amazon also positive, but none of that offset the financial and industrial losses. This is where the Dow splits from the S&P 500 story: Goldman Sachs and Caterpillar, both Dow components but far smaller weights in the broader index, did the damage here in a way the S&P 500 barely registered.
The Nasdaq 100
The Nasdaq 100 closed at 30,408.50, up 69.17 points, a gain of 0.23%, the only one of the three indices to finish higher. Breadth was close to even, with 45 of 99 members higher, and concentration was the highest of the day at 71%, consistent with a divergence session in which the equal-weight measure actually slipped -0.15%.
Apple added 19.53 points, and Alphabet's two share classes together added 29.75 points, 15.46 from the GOOG line and 14.29 from GOOGL. Microsoft contributed 10.81 points and Nvidia added 10.42 points. Meta Platforms was the largest drag, subtracting 12.82 points on its -1.84% decline, followed by Walmart's -2.70% move costing 8.45 points, Broadcom's -1.10% decline taking off 6.90 points, and AppLovin's -4.98% drop shedding 1.88 points. The split from the S&P 500 story is clearest here: the same Apple, Microsoft, and Alphabet strength that only trimmed the S&P 500's loss was concentrated enough in this smaller index to push it positive outright.
The sectors
Ten of the eleven sectors in the payload finished lower on the day; only Technology advanced.
Technology was the day's strongest sector, up 0.64%, a gain of 1.25 points, with Apple as the top driver, adding 0.30 points on its 1.10% move.
Consumer Staples was the weakest sector, down -1.54%, a drag of 1.26 points, with Walmart the top driver at -0.23 points on its -2.70% decline. Health Care and Industrials were not far behind, down -1.34% and -1.29% respectively, weighed down by Eli Lilly and Caterpillar.
None of today's index moves qualify as large by our standard. The S&P 500's -0.25% move sits at the 33rd percentile of the past year, the Dow's -0.86% decline sits at the 12th percentile, and the Nasdaq 100's 0.23% gain sits at the 54th percentile. All three fall within the range of ordinary sessions.
The numbers
- The S&P 500 closed at 7,651.54, down 19.30 points or -0.25%, with 117 of 500 members higher.
- The Dow closed at 50,906.00, down 443.92 points or -0.86%, with only 8 of 30 members higher.
- The Nasdaq 100 closed at 30,408.50, up 69.17 points or 0.23%, with 45 of 99 members higher.
- Goldman Sachs was the single largest point drag of the day, subtracting 94.38 points from the Dow on a -1.73% decline.
- Apple was the biggest lift across indices, adding 19.53 points to the Nasdaq 100 and 5.98 points to the S&P 500 on a 1.10% gain.
- Technology was the day's strongest sector, up 0.64%, while Consumer Staples was the weakest, down -1.54%.
- The S&P 500's move ranks at the 33rd percentile of the past year, the Dow's at the 12th percentile, and the Nasdaq 100's at the 54th percentile.
- The Nasdaq 100's concentration reading of 71% was the highest of the three indices, reflecting a divergence session led by mega-caps.
From Babylon Burns
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