The S&P 500 closed at 7,718.94, down 86.51 points, a decline of 1.11 percent. Breadth was actually positive underneath that headline loss, with 241 of the index's 495 members higher on the day, while the equal-weighted version of the index fell 0.59 percent, a smaller decline than the cap-weighted gauge experienced. Concentration ran at 40 percent, meaning a handful of large names did most of the work pulling the index lower while the median stock held up far better.
Nvidia was the single largest drag, subtracting 20.09 points on a 3.16 percent decline. Microsoft took off 8.22 points, Advanced Micro Devices lost 6.69 points on a 5.73 percent drop, Meta Platforms gave back 6.34 points, and Broadcom shed 6.05 points. On the other side, Eli Lilly added 3.80 points on a 3.79 percent gain, Apple contributed 2.73 points, Walmart added 1.86 points, AbbVie added 1.77 points, and UnitedHealth Group added 1.71 points.
The Dow
The DJIA closed at 51,621.00, down 49.1 points, a decline of just 0.1 percent, a far gentler session than the S&P 500 endured. Breadth was negative, with only 17 of the Dow's 30 members higher, and the equal-weighted measure actually rose 0.34 percent, a notable split from the headline figure.
Caterpillar was the heaviest drag by a wide margin, subtracting 141.46 points on a 3.08 percent slide. Goldman Sachs took off 78.4 points, Microsoft shed 58.01 points, Nvidia pulled out 42.91 points, and Alphabet cost the average 36.49 points. Health care names did the lifting: UnitedHealth added 106.15 points on a 4.73 percent gain, Amgen added 78.87 points, Merck added 32.04 points, Johnson & Johnson added 31.5 points, and Travelers added 26.98 points. That split, an industrial-and-bank-led drag offset by a health-care-led lift, is where the Dow's story diverges most from the S&P 500's, where health care helped but by far smaller margins.
The Nasdaq 100
The Nasdaq 100 closed at 29,950.82, down 618.66 points, a decline of 2.02 percent, the steepest percentage move of the three indices today. Breadth was the weakest of the session, with just 43 of the index's 101 members higher, and the equal-weighted version fell 1.51 percent.
Nvidia again led the drag, subtracting 114.98 points. Alphabet's two share classes took off 49.62 and 47.44 points, Microsoft shed 47.89 points, and Meta Platforms cost the index 42.02 points. Walmart was the top support, adding 20.34 points on a 3.46 percent gain, with Apple adding 16.3 points, Costco adding 8.01 points, Amgen adding 4.74 points, and Gilead Sciences adding 4.44 points. Where the S&P 500 found some offset in health care and staples gains, the Nasdaq 100's concentration in technology left it with far less cushion against the selling.
The sectors
The eleven sectors split into a clear pattern, with defensive groups higher and technology and communication services lower by the widest margins.
Health care was the day's strongest sector, up 2.51 percent, led by Eli Lilly's 0.99-point contribution on a 3.79 percent gain. Consumer staples followed close behind, up 2.23 percent, with Walmart contributing 0.31 points. Energy added 0.61 percent on the session.
Technology was the weakest sector by far, down 3 percent, with Nvidia's 0.94-point drag the largest single driver. Communication services fell 1.29 percent on Meta's 0.75-point hit, industrials fell 0.95 percent led by Caterpillar, real estate fell 0.79 percent, consumer discretionary fell 0.75 percent on Amazon's drag, financials fell 0.55 percent on Bank of America's 4.71 percent decline, utilities fell 0.31 percent on Constellation Energy's 5.49 percent slide, and materials slipped 0.12 percent on Newmont's decline.
Against the past year of trading, the S&P 500's move today ranks in the 8th percentile, a below-median reading despite the headline decline. The Dow's move ranks in the 41st percentile, closer to a typical session. The Nasdaq 100's decline ranks in just the 4th percentile of the past year by this measure, even though its percentage change was the largest of the three indices today.
The numbers
- The S&P 500 closed at 7,718.94, down 86.51 points or 1.11 percent, with 241 of its 495 members higher on the day.
- The Dow Jones Industrial Average closed at 51,621.00, down 49.1 points or 0.1 percent, with only 17 of its 30 members higher.
- The Nasdaq 100 closed at 29,950.82, down 618.66 points or 2.02 percent, with just 43 of its 101 members higher.
- Nvidia was the single biggest drag on the S&P 500, subtracting 20.09 points on a 3.16 percent decline.
- Eli Lilly was the S&P 500's biggest support, adding 3.80 points on a 3.79 percent gain.
- Health care was the day's strongest sector, up 2.51 percent, led by Eli Lilly.
- Technology was the day's weakest sector, down 3 percent, led lower by Nvidia.
- The S&P 500's move ranks in the 8th percentile of the past year's trading days.
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