The S&P 500 closed the week at 7,575.39, up 92.15 points, or 1.23%, from July 2 to July 10. Breadth was thin relative to the gain: 213 of 503 members finished higher, less than half the index, and the payload flags the week's mode as divergence. That shows up plainly in the equal-weighted version of the index, which fell 0.13% over the same stretch even as the cap-weighted headline rose. A handful of large names did the work.
Nvidia added 44.27 points on an 8.28% gain, Broadcom added 21.39 points on a 10.96% gain, and Meta Platforms added 21.36 points on a 14.81% gain. Apple contributed 11.17 points on a 2.17% move and AMD added 7.56 points on a 7.74% gain. On the other side, Intel subtracted 5.95 points on an 8.73% decline, Microsoft subtracted 4.44 points, Berkshire Hathaway's Class B shares subtracted 2.92 points, AbbVie subtracted 2.71 points and Eli Lilly subtracted 2.56 points.
The Dow
The Dow told a different story. It closed at 52,637.00, down 263.07 points, or 0.5%, for the week. Only 9 of its 30 members advanced, and the equal-weighted version of the average fell 0.49%, close to the headline decline itself, which is what a narrow, broad-based sell-off looks like. Sherwin-Williams subtracted 109.9 points on a 5.25% drop, Home Depot subtracted 86.78 points on a 4.08% drop, Visa subtracted 78.22 points on a 3.63% drop, Caterpillar subtracted 66.09 points and Amgen subtracted 63.95 points.
The offsetting gains came from a different set of names than those lifting the S&P 500. Goldman Sachs added 203.15 points on a 3.35% gain, the single largest positive contribution in the Dow this week. Nvidia added 95.87 points here too, on the same 8.28% gain that showed up in the S&P 500 and Nasdaq 100 tables. Cisco added 51.23 points on a 7.65% gain, Chevron added 42.79 points and Apple added 39.76 points. None of that was enough to offset the housing, payments and industrial names that dragged the average down.
The Nasdaq 100
The Nasdaq 100 posted the week's largest move among the three indexes, closing at 29,825.11, up 495.9 points, or 1.69%. Breadth was 55 of 103 members, a slim majority, and the equal-weighted version of the index actually rose 0.52%, the opposite of what happened in the S&P 500 and Dow equal-weight readings. Concentration ran higher here too, at 138%, the highest of the three benchmarks this week.
Nvidia added 348 points, Broadcom added 169.44 points, Meta Platforms added 164.47 points, Apple added 81.76 points and AMD added 39.53 points, the same five names leading the S&P 500 but with far larger point values given the Nasdaq 100's weighting. On the drag side, Space Exploration Technologies Corp subtracted 182.21 points on a 10.31% decline, the single largest negative contribution in any of the three indexes this week. Alphabet's two share classes together subtracted 113.23 points, with GOOGL down 61.01 points on a 0.76% decline and GOOG down 52.22 points on a 0.32% decline. Intel subtracted 49.51 points and Microsoft subtracted 36.71 points.
The sectors
Of the 11 sectors, Energy led the week at plus 3.47%, adding 1.84 points, followed by Technology at plus 2.87%, adding 5.19 points, and Communication Services at plus 1.87%, adding 2.05 points. Financials and Consumer Discretionary were essentially flat. On the weak end, Health Care fell 1.74%, Industrials fell 1.06%, and Materials closed out the week as the worst performer at minus 2.16%.
Energy's strength was led by Chevron, which added 0.33 points to the sector on a 4.26% gain.
Materials' weakness was led by Linde, which subtracted 0.19 points from the sector on a 3.08% decline.
The payload does not include a historical percentile for any of this week's index moves, so none of these figures can be sized against the past year's range here. What the numbers do show plainly is a split week: a small group of chip and communication names pushed the S&P 500 and Nasdaq 100 higher while their equal-weighted counterparts and the Dow finished lower or roughly flat.
The numbers
- The S&P 500 closed at 7,575.39, up 92.15 points, or 1.23%, for the week, with 213 of 503 members advancing.
- The S&P 500's equal-weighted version fell 0.13% over the same week even as the cap-weighted index rose 1.23%.
- Nvidia was the single largest positive contributor across all three indexes, adding 44.27 points to the S&P 500, 95.87 points to the Dow, and 348 points to the Nasdaq 100.
- The Dow closed at 52,637.00, down 263.07 points, or 0.5%, with only 9 of 30 members advancing.
- Sherwin-Williams was the Dow's biggest drag, subtracting 109.9 points on a 5.25% decline.
- The Nasdaq 100 closed at 29,825.11, up 495.9 points, or 1.69%, the largest headline move of the three indexes this week.
- Space Exploration Technologies Corp was the Nasdaq 100's biggest drag, subtracting 182.21 points on a 10.31% decline.
- Energy was the week's strongest sector at plus 3.47%, and Materials was the weakest at minus 2.16%.
- The payload does not include a percentile ranking for this week's moves against the past year.
From Babylon Burns
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