The S&P 500 closed the week at 7,711.76, up 37.39 points, or 0.49%, from August 21 to August 28. Only 219 of the index's 503 members rose, a minority, and the equal-weight version of the index fell 0.43% over the same span. The headline gain came from a small group of large stocks pulling the average up while the typical stock slipped.
Microsoft added 23.20 points on a 6.27% weekly gain, the largest single contribution to the index. Apple contributed 15.27 points, Nvidia 12.50, Meta Platforms 6.39, and Amazon 6.35. On the other side, Eli Lilly cut 7.11 points from the index on a 6.50% decline, and Tesla, Micron, Exxon Mobil and Applied Materials rounded out the week's biggest drags. Concentration ran high: the top five contributors equaled 136% of the index's net move, meaning a few names did more than all the lifting while many others pulled the other way.
The Dow
The Dow closed at 53,560.00, up 282.99 points, or 0.53%, for the week. Breadth was thinner than the S&P's: only 12 of its 30 members advanced. Even so, the equal-weight measure of the average gained 0.63%, ahead of the price-weighted index itself, a reminder that the Dow's math can move differently from its own breadth.
The story here diverges sharply from the S&P's. Salesforce alone added 280.36 points on a 22.55% weekly gain, nearly the entire net advance for the index, with Microsoft adding another 180.03 points. Visa, Apple and Amazon also helped. Caterpillar was the week's heaviest drag, cutting 165.59 points on a 3.37% decline, with Amgen, McDonald's, Home Depot and Goldman Sachs also subtracting. Concentration for the Dow came in far above the S&P's, at 185%.
The Nasdaq 100
The Nasdaq 100 closed at 29,433.43, up 124.57 points, or 0.43%. Breadth here was also a minority story: 49 of 102 members rose, and the equal-weight index fell 0.35%.
Amazon led with 305.71 points, followed by Microsoft's 294.96 and Apple's 263.49. Alphabet's two share classes together added 343.72 points, 185.62 from the Class A shares and 158.10 from the Class C. Nvidia was the week's largest single drag on the index despite a positive 1.32% return, subtracting 556.40 points, enough to offset a large share of the gains from the megacaps above it. Tesla, Marvell, Lam Research and Applied Materials also weighed, with Marvell down 8.61% for the week. Concentration for the Nasdaq 100 was extreme at 694%.
The sectors
Eleven sectors split into two clear groups this week. Communication Services and Technology led, with Financials also positive, while Industrials, Energy, Real Estate and Health Care all posted losses of more than a point.
Communication Services was the strongest sector, up 1.41%, or 1.57 points, with Meta Platforms as its top driver, adding 0.92 points on a 5.11% weekly gain.
Health Care was the weakest, down 1.96%, or 3.43 points. Eli Lilly drove the decline, subtracting 1.97 points on a 6.50% drop for the week.
Percentile data for this week's index moves was not included in today's read, so none of these gains or losses can be ranked against the past year's distribution here.
The numbers
- The S&P 500 closed the week at 7,711.76, up 37.39 points, or 0.49%.
- The Dow closed at 53,560.00, up 282.99 points, or 0.53%.
- The Nasdaq 100 closed at 29,433.43, up 124.57 points, or 0.43%.
- Only 219 of the S&P 500's 503 members rose for the week, and its equal-weight version fell 0.43%.
- Microsoft was the S&P 500's biggest driver, adding 23.20 points on a 6.27% weekly gain.
- Eli Lilly was the S&P 500's biggest drag, subtracting 7.11 points on a 6.50% decline.
- Salesforce added 280.36 points to the Dow on a 22.55% weekly gain, the week's single largest sector or index contribution.
- Communication Services was the strongest sector, up 1.41%; Health Care was the weakest, down 1.96%.
- Percentile rankings against the past year were not available for this week's index moves.
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