The S&P 500 closed at 7,744.06, up 25.12 points, a gain of 0.33 percent. Breadth was solidly positive, with 370 of the index's 494 members higher on the day. Concentration came in at 50 percent, in broad mode, meaning the advance was built from a wide base of names rather than a handful of large movers.
Microsoft led the index's contributors, adding 5.65 points on a 1.08 percent gain. Eli Lilly added 4.49 points on a 3.6 percent move, Micron contributed 2.54 points, Visa added 1.85, and Home Depot added 1.63 points on a 4.32 percent advance. On the other side, Nvidia was the single largest drag on the index, subtracting 13.42 points as shares fell 1.84 percent. Cisco, AMD, Intel and Apple each shaved smaller amounts off the total.
The Dow
The Dow closed at 52,178.00, up 556.52 points, a gain of 1.08 percent, with 23 of its 30 members higher. Concentration stood at 41 percent, still in broad mode.
Goldman Sachs added the most points, 76.08, on a 1.46 percent gain, closely followed by Home Depot's 75.84 points on its 4.32 percent jump and Sherwin-Williams' 73.94 points on a 3.83 percent rise. UnitedHealth and Salesforce each added more than 60 points. Caterpillar was the heaviest single drag anywhere in today's data, subtracting 79.47 points on a 1.79 percent decline, with Nvidia, Cisco, Chevron and Merck also pulling the average lower. This is where the Dow's session splits from the S&P 500's story: the same Nvidia decline that cost the S&P 13.42 points cost the Dow 24.19, and Caterpillar's drop, which barely registers in the S&P's own top and bottom lists, was the largest point swing of the day.
The Nasdaq 100
The Nasdaq 100 closed at 29,935.60, down 15.22 points, essentially flat at -0.05 percent, even with 61 of its 98 members higher on the day. Concentration read 297 percent, flagged as divergence, the clearest signal that a small number of names pulled against a broadly positive tape.
Nvidia was again the dominant force, subtracting 26.94 points, roughly double its drag on the S&P 500 given the index's heavier weighting toward it. SPCX subtracted 13.2 points on a 2.33 percent decline, and Tesla, Cisco and Intel added further drag. Offsetting that, Microsoft contributed 11.73 points, Micron added 5.32, and the two Alphabet share classes together added 9.54 points. Walmart rounded out the gainers with 3.73 points. The net effect left the index pinned near unchanged even as most of its members closed higher.
The sectors
Nine of the eleven sectors finished higher. Health Care led at 1.84 percent and Materials followed at 1.83 percent, with Consumer Discretionary, Communication Services and Financials all up more than a point. Energy and Technology were the only decliners, falling 1.6 percent and 0.68 percent respectively.
Health Care was the day's strongest sector, up 1.84 percent and adding 3.2 points, with Eli Lilly its top driver, contributing 0.97 points on a 3.6 percent gain.
Energy was the weakest sector, down 1.6 percent and losing 1.08 points, with ExxonMobil Holdings the top drag, subtracting 0.22 points on a 1.33 percent decline.
Against the past year of sessions, the S&P 500's 0.33 percent move sits at the 64th percentile, an ordinary day for the broad index. The Dow's 1.08 percent move ranks at the 91st percentile, qualifying as a large move, while the Nasdaq 100's near-flat close sits at the 44th percentile, below the middle of its own range.
The numbers
- The S&P 500 closed at 7,744.06, up 25.12 points or 0.33 percent, with 370 of 494 members higher.
- The Dow closed at 52,178.00, up 556.52 points or 1.08 percent, a move at the 91st percentile of the past year.
- The Nasdaq 100 closed at 29,935.60, down 15.22 points or 0.05 percent, with 61 of 98 members still higher.
- Nvidia was the single biggest drag across all three indices, subtracting 26.94 points from the Nasdaq 100 and 24.19 points from the Dow.
- Caterpillar was the Dow's largest single drag, subtracting 79.47 points on a 1.79 percent decline.
- Goldman Sachs was the Dow's top contributor, adding 76.08 points on a 1.46 percent gain.
- Health Care was the strongest sector, up 1.84 percent, led by Eli Lilly's 0.97-point contribution.
- Energy was the weakest sector, down 1.6 percent, led lower by ExxonMobil Holdings.
- The Nasdaq 100's concentration reading of 297 percent marked the day's clearest divergence between index level and underlying breadth.
From Babylon Burns
WMTMT is brought to you by the founders of Babylon Burns. If you want to stay ahead of the markets, read their recent piece on getting started with this letter: Getting Started with Babylon Burns.
Want our free weekly recap of what moved the market, straight to your inbox? Subscribe to the WMTMT Substack.