The S&P 500 closed the week at 7,656.98, down 61.62 points, or 0.8%, from September 4 to September 11. Breadth was soft: only 122 of the index's 502 members finished higher. The headline percentage undersells the damage underneath it. Concentration in the week's top movers reached 70%, and the equal weight version of the index fell further, down 1.8%, meaning the average stock had a worse week than the S&P 500 itself.
Nvidia was the single largest drag on the S&P this week, subtracting 33.72 points as shares fell 5.13%. Micron Technology took off another 5.54 points on a 4.07% decline, and Amgen, despite an outsized 13.7% drop, contributed a comparatively modest 3.84 points given its weight in this index. Microsoft and Eli Lilly rounded out the top five drags, off 3.39 and 3.23 points. On the other side, Apple added the most ground, up 21.49 points on a 3.84% gain, followed by Meta Platforms, adding 8.10 points on a 5.07% rise. Advanced Micro Devices climbed 8.07%, worth 7.21 points, while Intel and Tesla added smaller amounts.
The Dow
The Dow closed the week at 52,573.00, down 841.25 points, or 1.57%, a far steeper percentage decline than the S&P's. Breadth was thin, with only 10 of the Dow's 30 components rising, and concentration in the top movers ran to 64%. The equal weight measure fell 1.47%.
Amgen's 13.7% decline mattered far more here than in the S&P: with heavier index weight, it subtracted 355.9 points on its own, the largest single drag of the week across any index in this note. UnitedHealth took off another 107.28 points on a 4.54% slide, and Home Depot, Nvidia, and Salesforce followed close behind. Apple's 3.84% gain added 73.11 points, and IBM contributed 49.93 points on a 3.58% rise. Travelers, Chevron, and Caterpillar added smaller gains, but none came close to offsetting the losses at the top of the list.
The Nasdaq 100
The Nasdaq 100 closed the week at 29,368.44, down 175.72 points, or 0.59%, the smallest percentage decline of the three indexes. Breadth was the weakest, with only 32 of 102 members rising, and the equal weight index fell 1.7%.
Nvidia again led the drags, this time for 310.05 points on the same 5.13% decline, and Micron subtracted another 94 points. Amgen, Microsoft, and Palantir followed, with Palantir off 21.91 points on a 4.07% decline. Apple was the standout gainer here, adding 211.89 points on its 3.84% rise, far more than its S&P contribution given this index's weighting. Space Exploration Technologies added 98.01 points on a 2.2% gain. Alphabet's two share classes together added 95.37 points, with Tesla close behind at 42.48 points.
The sectors
Only two of the eleven sectors ended the week higher. Energy and Communication Services managed gains, Technology was nearly flat, and the other eight sectors, from Real Estate through Health Care, all declined.
Energy was the week's strongest sector, up 1.67%, led by Exxon Mobil, which added 0.52 points on a 4.09% gain.
Health Care was the weakest, down 3.55% and losing 6.08 points, by far the sector move of the week. Amgen's 13.7% slide was the single largest driver, subtracting 0.91 points from the sector on its own.
The payload does not carry a percentile reading for this week's index moves against the past year, so none of these declines can be labeled large by that standard. The numbers above stand on their own.
The numbers
- The S&P 500 closed the week at 7,656.98, down 61.62 points or 0.8%, with 122 of 502 members higher.
- The Dow Jones Industrial Average closed at 52,573.00, down 841.25 points or 1.57%, with only 10 of 30 components rising.
- The Nasdaq 100 closed at 29,368.44, down 175.72 points or 0.59%, with 32 of 102 members higher.
- Nvidia was the week's biggest single drag on both the S&P 500 and the Nasdaq 100, subtracting 33.72 and 310.05 points respectively on a 5.13% decline.
- Amgen was the biggest drag on the Dow, subtracting 355.9 points as its shares fell 13.7%.
- Apple was the leading positive contributor across all three indexes, adding 21.49 points to the S&P 500, 73.11 points to the Dow, and 211.89 points to the Nasdaq 100 on a 3.84% weekly gain.
- Energy was the strongest sector this week, up 1.67%, led by Exxon Mobil.
- Health Care was the weakest sector, down 3.55% and losing 6.08 points, dragged down by Amgen.
- Percentile data for this week's index moves against the past year was not available in the payload.
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