The S&P 500 closed at 7,580.07, down 140.32 points, a decline of 1.82 percent. Breadth leaned heavily against the market, with only 224 of the index's 497 members finishing higher. Concentration sat at 40 percent, and the cap-weighted index fell far faster than its equal-weight counterpart, which was down 0.83 percent, a gap that points straight at the index's largest components rather than the broad market.
Nvidia was the single heaviest drag, subtracting 24.2 points on a 4.22 percent decline. Intel followed, down 19.44 points as it fell 28.58 percent, with Advanced Micro Devices off 11.98 points (down 10.88 percent), Broadcom off 10.11 points (down 5.48 percent), and Apple off 6.71 points (down 1.23 percent) rounding out the top five pressure points. On the other side of the ledger, Eli Lilly added 3.46 points on a 3.06 percent gain, Exxon Mobil added 1.70, Walmart added 1.05, Regeneron added 1.00 on a 13.33 percent jump, and Chevron added 0.84.
The Dow
The DJIA closed at 51,770.00, down 572.56 points, a decline of 1.09 percent, with only 12 of its 30 members higher. Concentration ran to 69 percent, a narrow setup, and the equal-weight Dow was down 0.67 percent against the cap-weighted index's 1.09 percent loss. The Dow's story diverges from the S&P's here: Goldman Sachs was the top drag, off 197.21 points on a 3.58 percent decline, and Caterpillar followed at 146.45 points on a 3.81 percent drop, meaning financials and industrials did as much damage as chips in this index. Nvidia still showed up, off 53.61 points, alongside Microsoft down 48.92 and JPMorgan Chase down 38.87.
Amgen was the best performer among Dow members, adding 31.38 points on a 1.15 percent gain, with Chevron adding 24.13, Merck adding 18.96, Visa adding 18.13, and Sherwin-Williams adding 14.92.
The Nasdaq 100
The Nasdaq 100 closed at 28,384.85, down 1,017.66 points, a decline of 3.46 percent, with only 36 of its 99 members higher. The equal-weight version of the index was down 2.3 percent, far less than the cap-weighted 3.46 percent loss, underscoring how top-heavy the damage was. Nvidia led here too, off 168.87 points, but Intel's 28.58 percent collapse cost the index 108.02 points on its own. Space Exploration Technologies was off 96.74 points on a 6.37 percent drop, with Advanced Micro Devices down 78.14 and Broadcom down 70.16.
Walmart offered the largest offset at 13.93 points on a 1.86 percent gain, with Regeneron adding 8.73, T-Mobile US adding 7.53 on a 6.21 percent move, Costco adding 5.58, and Gilead Sciences adding 4.88.
The sectors
Among the eleven sectors, five finished higher and six finished lower. Energy and Consumer Staples led the gainers, while Technology, Industrials, and Communication Services made up the bulk of the losses.
Energy was the day's strongest sector, up 1.88 percent and adding 1.29 points, led by Exxon Mobil's 0.37-point contribution on a 2.17 percent gain.
Technology was the weakest sector by a wide margin, down 4.89 percent and shedding 9.22 points, with Intel's collapse alone accounting for 1.85 of those points on its 28.58 percent drop.
Against the past year, today's moves sit at the extreme end of the distribution: the S&P 500's decline ranks in the 1st percentile, the Nasdaq 100's in the 1st percentile, and the Dow's in the 8th percentile, placing all three among the steepest sessions of the past twelve months.
The numbers
- The S&P 500 closed at 7,580.07, down 140.32 points, a decline of 1.82 percent, with only 224 of 497 members higher.
- The Dow closed at 51,770.00, down 572.56 points, a decline of 1.09 percent, with just 12 of 30 members higher.
- The Nasdaq 100 closed at 28,384.85, down 1,017.66 points, a decline of 3.46 percent, with only 36 of 99 members higher.
- Nvidia was the single biggest drag on the S&P 500, subtracting 24.2 points on a 4.22 percent decline.
- Intel fell 28.58 percent, costing the Nasdaq 100 108.02 points and the Technology sector 1.85 points.
- Eli Lilly was the S&P 500's top positive contributor, adding 3.46 points on a 3.06 percent gain.
- Energy was the day's strongest sector, up 1.88 percent, led by Exxon Mobil.
- Technology was the day's weakest sector, down 4.89 percent, led lower by Intel.
- The S&P 500's decline ranks in the 1st percentile of the past year, among the steepest sessions in that span.
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.
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