The S&P 500 closed the week at 7,580.07, down 43.61 points, or 0.57%, from October 23 to October 30. Breadth told a different story than the headline number: 323 of the index's 503 members finished the week higher, and the equal-weight index rose 0.88% even as the cap-weighted benchmark fell. Concentration ran at 136%, meaning the week's losers outweighed what a broad-based decline would normally produce.
Alphabet's two share classes did the damage. GOOGL and GOOG combined for a loss of 42.84 points this week (adding the two together), each down more than 12%, the single largest drag in the index. Nvidia, Intel, and Amazon followed on the loss side. Eli Lilly's 11.17% gain added 11.29 points, the week's largest single contribution, with Tesla, Broadcom, Johnson & Johnson, and Amphenol rounding out the gainers.
The Dow
The Dow Jones Industrial Average closed at 51,770.00, down 445.16 points, or 0.85%, a sharper slide than the S&P's. Breadth was positive here too, with 16 of the index's 30 members ending the week higher, though the equal-weight read still came in negative at -0.54%. Concentration reached 166%, the highest of the three indices this week, a sign of how a handful of names swamped the advance of the rest.
Caterpillar was the single largest drag in the Dow, down 9.35% and costing the index 381.88 points on its own. Alphabet's shares subtracted another 239.94 points, Salesforce fell 7.8% for a loss of 115.31 points, and Boeing and UnitedHealth rounded out the laggards. On the other side, Amgen's 6.09% gain added 158.99 points, Goldman Sachs contributed 112.16 points, and McDonald's, Johnson & Johnson, and Home Depot all helped offset the week's losses. This is where the Dow splits from the S&P story: Caterpillar barely registers in the broader index, but on its own it accounted for the bulk of the Dow's weekly decline.
The Nasdaq 100
The Nasdaq 100 closed at 28,384.85, down 572.68 points, or 1.98%, the steepest percentage decline of the three benchmarks. Breadth was mixed, with only 49 of 101 members higher, and the equal-weight index slipped 0.59%. Concentration sat at 80%, the lowest of the week's three indices, meaning losses were spread more evenly across heavyweight names than they were in the Dow.
Alphabet again led the declines, with its two listings together subtracting 313.32 points (GOOGL's -160.98 plus GOOG's -152.34, added together). SpaceX shares fell 8.66% for a loss of 142.39 points, Nvidia gave back 95.70 points, and Apple slipped 94.86 points despite a modest 0.89% decline. Tesla was the week's biggest offset, adding 94.37 points on a 7.41% gain, with Micron, Broadcom, Lam Research, and Walmart also contributing. The divergence from the S&P and Dow stories here is Alphabet's weight: its combined loss across GOOGL and GOOG made up more than half of the index's total points lost, a concentration neither of the other two benchmarks showed to the same degree.
The sectors
Across the eleven sector ETFs, the week split cleanly between defensive strength and growth-sensitive weakness. Health Care, Materials, Utilities, Consumer Discretionary, Industrials, Real Estate, Consumer Staples, Financials, and Energy all finished higher, while Technology and Communication Services were the only sectors in the red.
Health Care was the strongest sector, up 3.1% for 5.56 points, with Eli Lilly's 11.17% jump its single largest driver, contributing 3.43 points on its own.
Communication Services was the weakest sector, down 5.34% for a loss of 5.63 points. Alphabet's Class A shares were the top driver of that decline, subtracting 1.55 points on their 12.61% fall, the same stock that weighed on the S&P, the Dow, and the Nasdaq 100 this week. Technology was the only other sector to close lower, down 2.02% for 3.71 points, with Intel's 24.38% drop its biggest driver.
The payload behind this note does not carry a percentile ranking for this week's S&P, Dow, or Nasdaq 100 moves, so there is no comparison against the past year to offer here.
The numbers
- The S&P 500 closed the week at 7,580.07, down 43.61 points, or 0.57%, with 323 of its 503 members higher.
- The Dow Jones Industrial Average closed at 51,770.00, down 445.16 points, or 0.85%, with 16 of its 30 members higher.
- The Nasdaq 100 closed at 28,384.85, down 572.68 points, or 1.98%, with 49 of its 101 members higher.
- Alphabet's GOOGL and GOOG shares together subtracted 42.84 points from the S&P 500 this week.
- Eli Lilly was the S&P 500's single biggest point contributor, adding 11.29 points on an 11.17% weekly gain.
- Caterpillar was the Dow's biggest drag, subtracting 381.88 points on a 9.35% decline.
- Health Care was the week's strongest sector, up 3.1%, or 5.56 points, led by Eli Lilly.
- Communication Services was the week's weakest sector, down 5.34%, or 5.63 points, led down by Alphabet.
- Dow concentration reached 166% this week, the highest of the three major indices, versus 136% for the S&P 500 and 80% for the Nasdaq 100.
From Babylon Burns
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