The S&P 500 closed the week at 7,659.44, down 152.10 points, or 1.95%, from October 9 to October 16. Breadth told a different story than the headline number: 353 of the index's 503 members finished the week higher, and the equal-weight version of the index was up 0.56%. That combination, a negative cap-weighted close with broad positive breadth, is the week's defining shape. A small group of mega-cap decliners outweighed the gains spread across the rest of the index.
The contributor list makes the mechanics plain. Nvidia subtracted 39.03 points on a 6.61% decline, Micron subtracted 18.59 points on a 14.58% drop, Broadcom took off 16.98 points on a 9.07% decline, AMD cost the index 14.42 points on a 13.05% fall, and Amazon shaved 12.88 points off on a 4.74% decline. On the other side, Apple added 8.97 points on a 2.03% gain, Eli Lilly contributed 6.87 points on a 6.6% gain, ExxonMobil added 4.06 points on a 5.94% gain, Walmart contributed 3.43 points on a 6.7% gain, and Berkshire Hathaway added 3.26 points on a 3.18% gain. None of those gains came close to offsetting the chip-driven losses.
The Dow
The Dow closed at 52,002.00, up 347.05 points, or 0.67%, with 21 of its 30 members higher for the week. This is where the week diverges sharply from the S&P story. Concentration ran at 106%, meaning the top positive contributors alone produced more points than the index's entire net gain, with Caterpillar's drop absorbing the rest. UnitedHealth added 131.53 points on a 5.83% gain, Travelers added 123.57 points on a 5.64% gain, Home Depot contributed 112.27 points on a 6.5% gain, Amgen added 104.73 points on a 4.25% gain, and Visa contributed 101.99 points on a 4.45% gain. Caterpillar alone cost the index 414.33 points on an 8.71% decline, nearly enough on its own to erase what the top five built. Nvidia, Goldman Sachs, Amazon, and Alphabet rounded out the drag, each losing between 65.8 and 90.05 points.
The Nasdaq 100
The Nasdaq 100 closed at 29,187.55, down 1,695.60 points, or 5.49%, with only 47 of 101 members higher and the equal-weight version down 3.68%. This is the week's sharpest divergence from the S&P 500: the same chip names that dented the broader index did far more damage here given their larger weights. Nvidia subtracted 225.13 points, Micron subtracted 201.12 points, Space Exploration Technologies Corp. subtracted 178.67 points, Amazon subtracted 132.84 points, and Broadcom subtracted 124.32 points. Apple provided the largest offset, adding 131.36 points on a 2.03% gain, followed by Meta Platforms adding 75.68 points, Walmart adding 40.82 points, Costco adding 16.4 points, and T-Mobile US adding 12.84 points. None of that was close to enough against the chip-led slide.
The sectors
Of the 11 sectors, seven finished the week higher. Consumer Staples led at 5.03%, followed by Energy at 4.86%, Health Care at 3.44%, Materials at 2.98%, Utilities at 1.96%, Financials at 1.43%, and Real Estate at 1.36%. On the other side, Communication Services slipped 0.08%, Consumer Discretionary fell 0.35%, Industrials dropped 0.89%, and Technology fell 7.71%, by far the week's steepest sector move.
Consumer Staples' 5.03% gain, worth 4.2 points, was led by Walmart, which contributed 0.6 points on a 6.7% return. The sector's gain lines up with the positive contributions Walmart made to both the S&P 500 and Nasdaq 100 tallies above, a case of one stock's strength showing up across three different scoreboards.
Technology was the week's weak point, down 7.71%, or 15.33 points. Nvidia was the sector's top driver of the decline, subtracting 2.05 points on a 6.61% drop, consistent with the same chip weakness that defined both the S&P 500 and Nasdaq 100 sections above.
Percentile context for this week's move was not included in this week's figures, so it cannot be placed against the past year's distribution here.
The numbers
- The S&P 500 closed at 7,659.44, down 152.10 points, or 1.95%, for the week.
- The Dow closed at 52,002.00, up 347.05 points, or 0.67%, for the week.
- The Nasdaq 100 closed at 29,187.55, down 1,695.60 points, or 5.49%, for the week.
- S&P 500 breadth was 353 of 503 members higher even as the index fell, with the equal-weight version up 0.56%.
- Nvidia was the single biggest drag across all three indices, subtracting 39.03 points from the S&P 500, 90.05 points from the Dow, and 225.13 points from the Nasdaq 100.
- Caterpillar was the Dow's biggest drag, subtracting 414.33 points on an 8.71% decline.
- Consumer Staples was the week's strongest sector, up 5.03%, led by Walmart's 6.7% gain.
- Technology was the week's weakest sector, down 7.71%, led lower by Nvidia's 6.61% decline.
From Babylon Burns
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