The S&P 500 closed at 7,811.54, up 46.18 points, a gain of 0.59%. Breadth was positive, with 310 of the index's 491 members higher on the day. Concentration sat at 52%, a mixed picture: Microsoft and Amazon did most of the work at the top, contributing 11.32 and 9.97 points respectively, with Microsoft up 2.38% and Amazon up 3.29%. Palantir added 2.82 points on a 5.17% move, and Tesla and Alphabet's Class A shares rounded out the top five. On the other side, Apple shaved 6.99 points off the index on a 1.11% decline, while Nvidia cost 3.66 points despite a modest 0.52% drop. The real drag came from telecom: Verizon fell 10.14% and cost the index 2.68 points, and AT+T fell 10.86% for a 2.57-point hit, the two carriers together removing more than five points from the S&P 500 on the day.
The Dow
The DJIA closed at 51,655.00, up 423.36 points, a gain of 0.83%, outpacing the S&P 500 on a percentage basis. Breadth was broad, with 22 of 30 components higher. Goldman Sachs led with 75.66 points on a 1.44% gain, followed by Microsoft's 74.06 points, Visa's 61.52 points on a 2.76% rise, Amazon's 49.75 points, and UnitedHealth's 49.63 points. Goldman and Visa, both absent from the S&P's top contributor list, show where the Dow's story diverges: the blue-chip index leaned on financials in a way the broader market did not. On the downside, Home Depot cost the average 28.11 points on a 1.6% decline, Apple cost 22.47 points, and 3M fell 2.21% for a 21.52-point drag.
The Nasdaq 100
The Nasdaq 100 closed at 30,883.15, up 157.34 points, a gain of 0.51%, the smallest percentage move of the three indexes today. Breadth was positive but less convincing than the S&P's, with 65 of 100 members higher, and concentration ran much hotter at 77%. Microsoft and Amazon again topped the list, contributing 50.04 and 48.82 points. Alphabet's two share classes, GOOGL and GOOG, together added 42.13 points to the index. Tesla added 16.45 points. The divergence from the S&P story shows up at the bottom: T-Mobile fell 13.27% and cost the Nasdaq 100 13.19 points, a far larger single-name drag than anything in the S&P's bottom five, with Apple's 29.83-point decline and Nvidia's 15.64-point decline also weighing more heavily here given the index's narrower composition.
The sectors
Among the eleven sector groups, nine finished higher and two finished lower, with Real Estate and Health Care leading and Communication Services the clear laggard.
Real Estate was the day's strongest sector, up 1.87%. Crown Castle led the group, up 15.6% and contributing 0.21 points, by far the largest single move in the sector.
Communication Services was the weakest sector, down 1.53%. T-Mobile drove the decline, falling 13.27% and costing the sector 0.65 points, consistent with the telecom weakness already visible in both the S&P 500 and Nasdaq 100 readings today.
Against the past year of sessions, the Dow's 0.83% advance sits at the 87th percentile, a large move by the threshold used here. The S&P 500's 0.59% gain sits at the 75th percentile, and the Nasdaq 100's 0.51% gain sits at the 65th percentile, both moves notable but not large by that same measure.
The numbers
- The S&P 500 closed at 7,811.54, up 46.18 points or 0.59%, with 310 of 491 members higher.
- The Dow closed at 51,655.00, up 423.36 points or 0.83%, with 22 of 30 members higher, a move at the 87th percentile of the past year.
- The Nasdaq 100 closed at 30,883.15, up 157.34 points or 0.51%, with 65 of 100 members higher.
- Microsoft was the single biggest driver across all three indexes, adding 11.32 points to the S&P 500, 74.06 points to the Dow, and 50.04 points to the Nasdaq 100.
- Apple was the biggest drag on both the S&P 500 and the Nasdaq 100, costing 6.99 and 29.83 points respectively.
- Verizon and AT+T each fell more than 10% and were the two largest point drags in the S&P 500, at 2.68 and 2.57 points.
- Real Estate was the day's strongest sector, up 1.87%, led by Crown Castle's 15.6% gain.
- Communication Services was the day's weakest sector, down 1.53%, led lower by T-Mobile's 13.27% decline.
From Babylon Burns
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