The S&P 500 closed at 7,757.17, up 44.6 points, a gain of 0.58 percent. Breadth was positive but not overwhelming, with 282 of the index's 500 members higher. The top five point contributors made up 62 percent of the day's advance, and an equal weighted version of the index rose just 0.33 percent, less than half the cap weighted gain, a sign that a handful of large names did most of the work.
Nvidia added the most points, 15.7, on a 2.54 percent gain. Apple contributed 7.82 points, Tesla 4.21, AMD 3.44, and Palantir 2.42 on a 4.74 percent jump. On the other side, Alphabet's two share classes together subtracted 7.17 points from the index. Netflix fell 5.31 percent and cost the index 1.94 points, AT&T dropped 6.45 percent for a 1.34 point hit, and Eli Lilly slipped 0.89 percent.
The Dow
The Dow closed at 52,856.09, up 360.21 points, a gain of 0.69 percent, outpacing the S&P 500 on a percentage basis. Breadth was 17 of 30 members higher, and concentration ran hotter here than in the broader market: the top five gainers accounted for 73 percent of the move, while the equal weighted Dow was up 0.47 percent.
Goldman Sachs was the biggest driver, adding 118.34 points on a 2.25 percent gain. Caterpillar added 88.98 points, IBM added 56.7 points on a 3.94 percent jump, the largest percentage move among the Dow's top five. Nvidia, also a Dow component, contributed 32.69 points, and American Express added 31.32. The drag came from Alphabet again, down 32.78 points in the Dow's price weighted math, along with Procter & Gamble, UnitedHealth, Johnson & Johnson and Home Depot, all lower.
The Nasdaq 100
The Nasdaq 100 closed at 29,822.52, up 332.24 points, a gain of 1.13 percent, the sharpest move of the three indexes today. Breadth was 61 of 100 members higher, and the move was narrow: the top five contributors made up 80 percent of the gain, and the equal weighted Nasdaq 100 rose 0.64 percent, well under half the cap weighted move.
Space Exploration Technologies was the single largest contributor, adding 117.79 points on a 7.79 percent gain, ahead of Nvidia's 99.86 points on the same 2.54 percent return seen elsewhere, Apple's 49.37, Tesla's 38, and AMD's 22.11. Alphabet's two share classes together subtracted 101.02 points here, by far the largest drag in any of today's three indexes. Netflix cost the index 11.45 points, T-Mobile US fell 2.54 percent for a 3.23 point hit, and Booking Holdings dropped 3.38 percent.
The sectors
Sector performance ranged from a 1.68 percent gain in Technology to a 1.11 percent decline in Communication Services. Industrials added 0.9 percent, Financials rose 0.54 percent, and Utilities, Energy and Materials posted smaller gains. Health Care, Consumer Staples and Real Estate all finished lower alongside Communication Services.
Technology was the day's strongest sector, up 1.68 percent and 3.12 points, with Nvidia again the top driver, adding 0.73 points on its 2.54 percent gain.
Communication Services was the weakest sector, down 1.11 percent and 1.22 points. AT&T led it lower, falling 6.45 percent and subtracting 0.32 points from the sector.
Against the past year of sessions, today's moves sit in the upper half of the range without crossing into large territory. The S&P 500's 0.58 percent gain ranks in the 74th percentile, the Dow's 0.69 percent gain ranks in the 82nd percentile, and the Nasdaq 100's 1.13 percent gain ranks in the 83rd percentile. All three fall short of the 85th percentile threshold that would make the day a standout by that measure.
The numbers
- The S&P 500 closed at 7,757.17, up 44.6 points, a gain of 0.58 percent, with 282 of 500 members higher.
- The Dow closed at 52,856.09, up 360.21 points, a gain of 0.69 percent, with 17 of 30 members higher.
- The Nasdaq 100 closed at 29,822.52, up 332.24 points, a gain of 1.13 percent, with 61 of 100 members higher.
- Nvidia was the top point contributor in all three indexes, adding 15.7 points to the S&P 500, 32.69 points to the Dow, and 99.86 points to the Nasdaq 100.
- Alphabet's two share classes together subtracted 101.02 points from the Nasdaq 100, the largest single drag of the day.
- Technology was the strongest sector, up 1.68 percent, led by Nvidia's 2.54 percent gain.
- Communication Services was the weakest sector, down 1.11 percent, led lower by AT&T's 6.45 percent decline.
- The S&P 500's move ranked in the 74th percentile of the past year, the Dow's in the 82nd, and the Nasdaq 100's in the 83rd.
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 country ETF long and short picks: Long these 3 country ETFs, Short these 3 country ETFs.
Want our free weekly recap of what moved the market, straight to your inbox? Subscribe to the WMTMT Substack.