The S&P 500 closed at 7,722.60, up 45.83 points, a gain of 0.6 percent. Breadth was positive, with 245 of the index's 499 members higher on the day, while the equal weighted version of the index added just 0.16 percent, a smaller gain that points to an advance led by a handful of large names rather than the broad index.
Broadcom did the most work, adding 7.62 points on a 4 percent gain. Nvidia contributed 5.89 points on a 0.9 percent rise, Apple added 5.84 points on a 0.93 percent gain, AMD added 5.68 points after climbing 5.45 percent, and Tesla added 5.43 points on a 4.04 percent gain. On the other side, Meta Platforms subtracted 2.94 points on a 1.64 percent decline, ExxonMobil cut 2.48 points after falling 2.52 percent, Boeing took out 2.25 points on a 10.69 percent drop, Valero removed 1.59 points after falling 9.27 percent, and Welltower pulled 1.34 points lower on a 5.76 percent decline.
The Dow
The Dow closed at 52,378.00, up just 16.42 points, a gain of 0.03 percent, essentially flat even as the S&P 500 moved higher. Breadth was mixed, with only 11 of its 30 members higher, and the equal weighted measure fell 0.44 percent. The Dow's concentration ratio reached 1,581 percent, far beyond anything seen in the S&P 500 or Nasdaq 100 today, a sign that a small number of stocks were pulling the index in opposite directions with roughly equal force.
Caterpillar added 125.89 points on a 3.06 percent gain, the largest single point contribution anywhere in the three indexes today, and Goldman Sachs added 109.9 points after rising 2.07 percent. Amazon, Alphabet, and Amgen rounded out the top five with smaller additions. But Boeing erased 119.64 points on its 10.69 percent decline, nearly offsetting Caterpillar's gain on its own, while Sherwin-Williams, Salesforce, Chevron, and IBM each subtracted further points. The net effect was an index that barely moved while several of its components swung by double digits.
The Nasdaq 100
The Nasdaq 100 closed at 29,651.44, up 378.04 points, a gain of 1.29 percent, a large move that sits at the 86th percentile of sessions over the past year. Breadth was positive, with 60 of the index's 100 members higher, and the equal weighted version gained 1.17 percent, a broader advance than either the S&P 500 or the Dow produced.
Broadcom again led, adding 45.02 points on its 4 percent gain, with Tesla close behind at 44.87 points on a 4.04 percent rise. AMD added 33.91 points on a 5.45 percent gain, Nvidia contributed 33.51 points on a more modest 0.9 percent move, and Apple added 33.37 points on a 0.93 percent gain. Meta Platforms was the largest drag, subtracting 19 points on its 1.64 percent decline, followed by Microsoft, Walmart, Costco, and Netflix, each pulling the index lower by smaller amounts.
The sectors
Across the eleven sector groups, five finished higher and six finished lower. Technology led with a 1.71 percent gain, followed by Consumer Discretionary up 1.03 percent and Materials up 0.84 percent. On the downside, Energy fell 2.04 percent, Consumer Staples fell 0.91 percent, and Real Estate fell 0.82 percent.
Technology was the strongest sector of the day, adding 3.19 points on its 1.71 percent gain. AMD was the top driver within the sector, contributing 0.47 points on its 5.45 percent rise.
Energy was the weakest sector, down 2.04 percent and subtracting 1.42 points from the measure. ExxonMobil was the largest drag inside the sector, cutting 0.41 points on a 2.52 percent decline.
Set against the past year, the S&P 500's 0.6 percent gain sits at the 75th percentile, a moderate but not large reading. The Dow's effectively flat close ranks at the 48th percentile, squarely in the middle of its range. The Nasdaq 100's 1.29 percent gain lands at the 86th percentile, the only one of the three that qualifies as a large move today.
The numbers
- The S&P 500 closed at 7,722.60, up 45.83 points or 0.6 percent, with 245 of 499 members higher.
- The Dow closed at 52,378.00, up 16.42 points or 0.03 percent, with only 11 of 30 members higher.
- The Nasdaq 100 closed at 29,651.44, up 378.04 points or 1.29 percent, a move at the 86th percentile of the past year.
- Caterpillar was the single largest point contributor of the day, adding 125.89 points to the Dow on a 3.06 percent gain.
- Boeing was the single largest drag of the day, subtracting 119.64 points from the Dow after falling 10.69 percent.
- Technology was the strongest sector, up 1.71 percent, led by AMD's 5.45 percent gain.
- Energy was the weakest sector, down 2.04 percent, led lower by ExxonMobil's 2.52 percent decline.
- The Dow's concentration ratio reached 1,581 percent, the highest of the three indexes, reflecting opposing swings in a small number of components.
- The S&P 500's move ranks at the 75th percentile of sessions over the past year, a moderate reading.
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 the energy trade: Babylon Burns 8 new picks: 4 long and 4 short.
Want our free weekly recap of what moved the market, straight to your inbox? Subscribe to the WMTMT Substack.