The S&P 500 closed at 7,376.86, up 23.13 points, a gain of 0.31 percent. Breadth did not match the headline: only 180 of the index's 490 members finished higher. The index's own equal-weight version fell 0.23 percent, meaning the cap-weighted gain came from a narrow slice of very large movers rather than the market as a whole.
Nvidia added the most to the index, up 2.78 percent for 18.04 points, with AMD close behind after an 11.04 percent surge worth 9.97 points. Tesla, Micron and Intel rounded out the top five gainers. Working against them were Microsoft, down 0.99 percent for a loss of 6.06 points, Apple, Walmart, Netflix and Amazon. The index's top five contributors alone account for 147 percent of the net move, the clearest sign that this was a session of a few big winners offsetting a longer list of modest losers.
The Dow
The Dow closed at 51,286.00, down 237.06 points, a decline of 0.46 percent, with only 8 of its 30 members higher on the day. Salesforce was the single largest drag, off 3.94 percent for a loss of 52.07 points, followed by Travelers, Home Depot, Microsoft and Sherwin-Williams. Nvidia, Caterpillar, Honeywell, Johnson & Johnson and Alphabet all added points but could not offset the decliners. This is where the Dow's story splits from the S&P's: the same Nvidia that helped lift the broader index was not enough here, because the Dow's losses were broad rather than concentrated, with the equal-weight measure down 0.54 percent, close to the index's own decline.
The Nasdaq 100
The Nasdaq 100 closed at 26,989.99, up 360.18 points, a gain of 1.35 percent, with 45 of its 97 members higher. This is the day's standout move, and it ranks at the 88th percentile against the past year. Space Exploration Technologies led all contributors, up 8.62 percent for 102.96 points, with Nvidia, AMD, Tesla and Micron also among the top five. Microsoft, Apple, Walmart, Amazon and Netflix were the laggards, the same names that weighed on the S&P 500. The gap between the index's 1.35 percent gain and its equal-weight return of 0.75 percent shows that even within a strong day for the Nasdaq 100, the gain was concentrated in a handful of the largest names.
The sectors
Eleven sectors split roughly down the middle. Technology led at the top and Consumer Staples sat at the bottom, with Communication Services and Industrials also positive, and Financials, Real Estate and Materials all lower.
Technology was the day's strongest sector, up 1.45 percent, worth 2.36 points to the sector index, with AMD's 11.04 percent gain doing the heavy lifting.
Consumer Staples was the weakest, down 1.26 percent and 1.15 points, with Walmart's 1.72 percent decline the largest single driver.
Measured against the past year, today's moves were uneven in size. The S&P 500's 0.31 percent gain sits at the 63rd percentile, an ordinary day by that yardstick. The Dow's decline sits at only the 26th percentile, smaller than most moves over the past year. The Nasdaq 100's 1.35 percent gain is the exception, at the 88th percentile, qualifying as a large move by that measure.
The numbers
- The S&P 500 closed at 7,376.86, up 23.13 points, a gain of 0.31 percent, with 180 of 490 members higher.
- The Dow closed at 51,286.00, down 237.06 points, a decline of 0.46 percent, with only 8 of 30 members higher.
- The Nasdaq 100 closed at 26,989.99, up 360.18 points, a gain of 1.35 percent, ranking at the 88th percentile of the past year.
- Nvidia was the biggest point contributor across all three indices, adding 18.04 points to the S&P 500, 86.46 points to the Nasdaq 100 and 29.96 points to the Dow.
- Salesforce was the Dow's largest drag, subtracting 52.07 points on a 3.94 percent decline.
- Technology was the strongest sector, up 1.45 percent, led by AMD's 11.04 percent gain.
- Consumer Staples was the weakest sector, down 1.26 percent, led lower by Walmart's 1.72 percent decline.
- The S&P 500's move ranked at the 63rd percentile of the past year and the Dow's at the 26th percentile.
From Babylon Burns
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