The S&P 500 closed at 7,807.24, down 4.3 points, a move of -0.06%. Breadth was positive underneath that flat headline, with 313 of the index's 490 members higher on the day. Concentration ran at 254%, consistent with a divergence day in which a handful of large, offsetting positions did most of the work while the broader tape leaned up.
Nvidia was the single largest drag, subtracting 5.2 points on a 1.29% decline. Micron followed, off 3.37 points on a 3.88% drop, with Broadcom, Amazon, and AMD rounding out the list of detractors. On the other side, Apple added 4.47 points on a 1.29% gain, Meta added 3.71 points as it rose 3.38%, and Microsoft contributed 3.2 points. Exxon and Walmart each added a smaller amount. The push and pull between the chip names and the mega-cap gainers is what kept the index pinned near its prior close.
The Dow
The Dow closed at 51,850.55, up 195.6 points, a gain of 0.38%. Twenty of its thirty members advanced. Concentration sat at 46%, in mixed mode, meaning the gainers and losers were closer in size than they were on the S&P 500 or Nasdaq 100 today.
Microsoft led with 36.14 points on its 1.14% advance, followed by Salesforce, up 28.47 points on a 2.09% gain, and Apple, up 25.74 points. Visa and American Express also added to the total. The Dow's losses came from a different set of names than the S&P 500's: Cisco fell 2.58% and subtracted 18.13 points, Nvidia pulled out another 17.59 points here, and Amazon knocked off 17.24 points. Goldman Sachs and Caterpillar were marginal drags. The Dow's gain, built on Microsoft, Salesforce, and Apple, is the clearest divergence from the S&P 500's flat read and the Nasdaq 100's decline.
The Nasdaq 100
The Nasdaq 100 closed at 30,664.70, down 218.45 points, a decline of 0.71%. Breadth was negative, with only 45 of 98 members higher. Concentration measured 105%.
Nvidia again topped the list of drags, this time for 110.26 points on its 1.29% slide. Micron subtracted 69.75 points on that same 3.88% drop that showed up in the S&P 500, and Broadcom, Amazon, and AMD followed. Apple, Meta, and Microsoft worked the other direction, adding 97.67, 95.64, and 69.78 points respectively; Apple and Meta together added 193.31 points, not enough to offset the chip names. Walmart and Alphabet rounded out the gainers. The index's negative breadth and larger point decline mark its clearest split from the Dow's advance today.
The sectors
Eight of the eleven sectors finished higher. Energy led the list at 1.44%, followed by consumer staples at 1.16% and communication services at 0.94%. Technology was the weakest sector, down 1.24%, with consumer discretionary and industrials also in the red.
Energy's gain of 0.94 points was led by Exxon, which added 0.29 points on a 1.89% advance. The sector's move tracked a single large name rather than a broad rally across its members.
Technology was the day's weakest sector, off 1.24% for a loss of 2.46 points. Nvidia was the top drag within the sector, subtracting 0.38 points on its 1.29% decline, consistent with the chip weakness that also weighed on the S&P 500 and Nasdaq 100.
Against the past year, the S&P 500's move today sits at the 42nd percentile, the Dow's at the 65th, and the Nasdaq 100's at the 24th. None of today's index moves crossed the 85th percentile threshold that marks a large session.
The numbers
- The S&P 500 closed at 7,807.24, down 4.3 points, a move of -0.06%.
- The Dow closed at 51,850.55, up 195.6 points, a gain of 0.38%.
- The Nasdaq 100 closed at 30,664.70, down 218.45 points, a decline of 0.71%.
- Breadth on the S&P 500 was positive, with 313 of 490 members higher on the day.
- Nvidia was the single largest drag on both the S&P 500 and the Nasdaq 100, subtracting 5.2 and 110.26 points respectively.
- Apple was the S&P 500's biggest contributor, adding 4.47 points on a 1.29% gain.
- Energy was the day's strongest sector, up 1.44%, led by Exxon.
- Technology was the day's weakest sector, down 1.24%, led lower by Nvidia.
- The S&P 500's move ranked in the 42nd percentile of the past year, the Dow's in the 65th, and the Nasdaq 100's in the 24th.
From Babylon Burns
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