The S&P 500 closed at 7,676.77, up 53.09 points, a gain of 0.70 percent. Breadth was positive, with 282 of the index's 489 members higher on the day, though the gain leaned on a handful of large movers more than the breadth figure alone suggests.
Nvidia did the most work, adding 14.96 points on a 2.39 percent gain. Microsoft added 7.43 points and Tesla, up 5.21 percent, contributed 6.53 points. Broadcom and Micron rounded out the top five with 4.37 and 3.6 points respectively. On the other side, Apple cost the index 7.07 points, Meta gave back 3.4, and Alphabet's two share classes together subtracted 4.4 points. Merck, down 3.23 percent, shaved off another 1.5 points.
The Dow
The DJIA closed at 52,361.58, up 146.42 points, a gain of 0.28 percent, a far smaller move than the S&P posted on the same day. Breadth was weak by comparison, with only 14 of 30 components higher, and the index's concentration figure of 127 percent shows the gain was carried by a narrow group while losers worked against it.
Goldman Sachs led by a wide margin, adding 105.38 points on a 2.02 percent gain. Microsoft contributed 48.08 points, Amgen 31.92, Nvidia 29.96, and Caterpillar 28.71. UnitedHealth was the heaviest drag, down 1.76 percent and costing 43.8 points. Merck's 3.23 percent decline took off another 27.85 points, and Apple, Visa, and Alphabet each subtracted between 20 and 23 points. The Dow's story diverges from the S&P's here: UnitedHealth and Merck barely register in the broader index but weighed heavily on the price-weighted average, while Goldman's gain, a non-factor for the S&P, became the single biggest point mover of the day.
The Nasdaq 100
The Nasdaq 100 closed at 29,273.40, up 315.88 points, a gain of 1.09 percent, the strongest of the three major indexes today. Breadth was positive but not broad, with 65 of 100 members higher, and the concentration figure of 80 percent confirms the gain was a narrow one driven by a small set of large-cap names.
Nvidia alone added 118.16 points. Tesla, up 5.21 percent, contributed 74.6 points, more than double its weight in the S&P. Microsoft added 58.44 points, Broadcom 34.78, and Micron 28.78. On the downside, Apple cost the index 54.16 points, and Alphabet's two classes together subtracted 77.33 points, the largest combined drag in the index. Meta took off another 29.99 points. The divergence from the S&P is clear: the same winners and losers appear, but their point impact is magnified several times over because the Nasdaq 100 carries a heavier concentration in exactly these names.
The sectors
Ten of eleven sectors moved in a fairly narrow band, with only communication services posting a notable decline. Technology, industrials, and consumer discretionary led the advance, while utilities and health care sat essentially flat.
Technology was the day's strongest sector, up 1.72 percent, adding 3.16 points to its own index. Nvidia was the top driver within the sector, contributing 0.7 points on its 2.39 percent gain.
Communication services was the weakest sector, down 1.58 percent and off 1.67 points. Meta was the top drag, subtracting 0.42 points on a 1.88 percent decline, with Alphabet's shares also weighing on the group.
Against the past year, today's S&P 500 move sits at the 80th percentile, the Nasdaq 100's move at the 81st, and the Dow's at the 62nd. None of the three clears the 85th percentile threshold, so none of today's index moves qualify as large by that measure, even though the Nasdaq 100's one percent-plus gain was the most forceful of the three.
The numbers
- The S&P 500 closed at 7,676.77, up 53.09 points, a gain of 0.70 percent, with 282 of 489 members higher.
- The Dow closed at 52,361.58, up 146.42 points, a gain of 0.28 percent, with only 14 of 30 components higher.
- The Nasdaq 100 closed at 29,273.40, up 315.88 points, a gain of 1.09 percent, with 65 of 100 members higher.
- Nvidia was the single biggest driver in both the S&P 500, adding 14.96 points, and the Nasdaq 100, adding 118.16 points.
- Goldman Sachs was the Dow's biggest driver, adding 105.38 points on a 2.02 percent gain.
- Alphabet's two share classes together subtracted 4.4 points from the S&P 500 and 77.33 points from the Nasdaq 100.
- Technology was the day's strongest sector, up 1.72 percent, while communication services was the weakest, down 1.58 percent.
- The S&P 500's move ranked at the 80th percentile of the past year, below the threshold for a large move.
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 Shorting Nvidia: Live with Sam Kovacs #3: I SHORTED NVDA.
Want our free weekly recap of what moved the market, straight to your inbox? Subscribe to the WMTMT Substack.