The S&P 500 closed at 7,619.38, up 98.45 points, a gain of 1.31 percent. Breadth was wide: 326 of the index's 491 members finished higher.
Nvidia added 14.19 points on a 2.87 percent gain, the largest single contribution to the index. Apple contributed 12.69 points on a 2.04 percent rise, and Micron added 10.84 points after a session that saw the stock jump 11.89 percent. Broadcom and Advanced Micro Devices rounded out the top five, adding 7.55 and 7.14 points on gains of 3.99 percent and 7.32 percent. On the other side, Microsoft subtracted 11.39 points on a 2.26 percent decline, and Amazon.com pulled out 5.85 points after falling 1.74 percent. Meta Platforms, McDonald's, and Accenture rounded out the laggards with smaller drags.
The Dow
The Dow closed at 52,486.00, up 254.11 points, a gain of 0.49 percent, a far smaller move than the S&P 500's. Breadth was narrower too: only 18 of the Dow's 30 members closed higher, and concentration ran at 97 percent, meaning the move was carried by a handful of names rather than spread across the blue chips.
Caterpillar did the heaviest lifting, adding 102.65 points on a 2.95 percent gain, with Goldman Sachs close behind at 101.46 points on a 1.88 percent rise. Apple, Alphabet, and Nvidia also contributed, in that order. But Microsoft erased 71.53 points on its 2.26 percent drop, and McDonald's took out another 43.83 points after falling 2.61 percent. Amazon.com, UnitedHealth, and Travelers also weighed on the average. The split between Caterpillar and Goldman on one side and Microsoft and McDonald's on the other explains why the Dow's percentage gain lagged so far behind the S&P 500 and Nasdaq 100 despite moving in the same direction.
The Nasdaq 100
The Nasdaq 100 closed at 28,374.25, up 633.45 points, a gain of 2.28 percent, the largest percentage move of the three indexes today. Breadth was broad: 82 of the index's 99 members advanced.
Nvidia again led, adding 104.88 points, with Apple close behind at 93.03 points. Micron's 11.89 percent jump added 87.68 points on its own, and the two Alphabet share classes together added 130.22 points, with GOOGL contributing 67.1 and GOOG contributing 63.12. Working against the index, Microsoft subtracted 80.36 points, Amazon.com pulled out 45.69 points, and Space Exploration Technologies Corp fell 2.33 percent for a 40.78-point drag. Meta Platforms and Airbnb also detracted, with Airbnb down 3.09 percent despite its smaller 3.05-point weight. The Nasdaq 100's story diverges from the S&P 500's mainly in degree: the same chipmakers drove both indexes higher, but their larger weight here pushed the percentage gain to nearly twice that of the S&P 500.
The sectors
Technology led all eleven sectors, up 3.23 percent, with Energy and Industrials also posting solid gains of 1.85 percent and 1.33 percent. Communication Services and Financials moved higher by smaller amounts, while Consumer Staples, Materials, and Utilities barely budged. Health Care was nearly flat, and Real Estate and Consumer Discretionary were the only two sectors to close in the red.
Technology was the day's strongest sector, up 3.23 percent and adding 5.46 points on an equal-weight basis. Micron's 11.89 percent jump led the sector's contributors, with its 0.69-point add the largest share of the gain.
Consumer Discretionary was the weakest sector, down 0.06 percent and subtracting 0.07 points. Amazon.com led the sector lower, falling 1.74 percent for a 0.25-point drag.
The S&P 500's 1.31 percent gain sits at the 95th percentile of moves over the past year, as does the Nasdaq 100's 2.28 percent advance. The Dow's 0.49 percent gain sits at the 71st percentile, a reminder that its narrower composition kept it from matching the breadth seen elsewhere in the market.
The numbers
- The S&P 500 closed at 7,619.38, up 98.45 points, a gain of 1.31 percent, with 326 of 491 members higher.
- The Nasdaq 100 closed at 28,374.25, up 633.45 points, a gain of 2.28 percent, with 82 of 99 members higher.
- The Dow closed at 52,486.00, up 254.11 points, a gain of 0.49 percent, with only 18 of 30 members higher and concentration at 97 percent.
- Nvidia was the single largest driver in both the S&P 500 and Nasdaq 100, adding 14.19 and 104.88 points respectively.
- Microsoft was the biggest single drag across all three indexes, subtracting 11.39 points from the S&P 500, 71.53 from the Dow, and 80.36 from the Nasdaq 100.
- Technology was the day's strongest sector, up 3.23 percent, led by Micron's 11.89 percent jump.
- Consumer Discretionary was the day's weakest sector, down 0.06 percent, dragged by Amazon.com's 1.74 percent decline.
- The S&P 500's and Nasdaq 100's moves both sit in the 95th percentile of the past year, while the Dow's sits at the 71st.
From Babylon Burns
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