The S&P 500 closed the week at 7,376.86, down 203.21 points, or 2.68%, from October 30 to November 6. Breadth did not match the headline: 267 of the index's 503 members advanced over the week, yet the index still fell more than 2.5%, a sign that the damage was concentrated in a small number of large names rather than spread across the market.
Nvidia did the most damage, subtracting 45.09 points on an 8.8% decline. Micron followed with a 23.32-point hit on a 22.01% drop, then Broadcom at -17.46 points, Tesla at -11.78, and Exxon Mobil at -10.28. On the other side, Amazon added 21.39 points on a 7.88% gain, with Berkshire Hathaway, AppLovin, Microsoft, and Alphabet's Class A shares all contributing small positive amounts that could not offset the chip and energy losses.
The Dow
The Dow closed the week at 51,286.00, down 484.31 points, or 0.94%, a smaller percentage decline than the S&P even though only 16 of its 30 members advanced. The index's equal-weighted version fell 0.44% against a 142% concentration reading, meaning the price-weighted construction magnified losses from its highest-priced decliners.
Caterpillar did the heaviest lifting on the downside, subtracting 381.10 points on a 10.3% drop, more than four times the next-largest detractor. Goldman Sachs took off 170.76 points, Chevron 136.17, Nvidia 106.98, and Salesforce 92.24. Amazon was the Dow's top offset at 112.63 points, followed by McDonald's at 109.36, Home Depot at 84.82, Sherwin-Williams at 68.29, and 3M at 64.25.
The Nasdaq 100
The Nasdaq 100 closed at 26,989.99, down 1,394.86 points, or 4.91%, the steepest decline of the three indices this week. Breadth was thin, with only 43 of 101 members advancing, and the equal-weighted version fell 4.08% against a 42% concentration reading, meaning the index's largest members fell harder than the typical constituent.
Nvidia again led the drag, taking off 307.24 points, with Micron at -155.42, Broadcom at -117.86, Tesla at -100.78, and Apple at -100.72 despite a modest 0.66% price decline, a reflection of its index weight. Amazon was again the strongest positive, adding 92.07 points, with AppLovin, Costco, Alphabet's Class C shares, and Airbnb rounding out the offsets.
The sectors
The week split sharply along sector lines. Five of eleven groups finished higher, led by Communication Services, Consumer Discretionary, Real Estate, Financials, and Consumer Staples, while Technology and Energy absorbed the bulk of the week's losses.
Communication Services was the strongest sector, up 4.88%, almost entirely on the back of AppLovin, which contributed 2.50 points on a 71.21% weekly gain.
Energy was the weakest sector by a wide margin, down 11.97%, with Exxon Mobil the top drag at -1.96 points on an 11.42% decline. Technology was close behind at -8.23%, with Nvidia again the largest single contributor to the loss.
This week's payload does not include a percentile reading against the past year for any of the three indices, so there is no historical ranking to attach to the size of the move here.
The numbers
- The S&P 500 closed the week at 7,376.86, down 203.21 points, or 2.68%.
- The Dow closed at 51,286.00, down 484.31 points, or 0.94%.
- The Nasdaq 100 closed at 26,989.99, down 1,394.86 points, or 4.91%.
- Breadth diverged from the headline: 267 of the S&P 500's 503 members advanced even as the index fell 2.68%.
- Nvidia was the single largest drag on both the S&P 500, at -45.09 points, and the Nasdaq 100, at -307.24 points.
- Caterpillar was the Dow's biggest drag, subtracting 381.10 points on a 10.3% decline.
- Amazon was the week's broadest positive driver, adding 21.39 points to the S&P 500, 112.63 points to the Dow, and 92.07 points to the Nasdaq 100.
- Communication Services was the strongest sector, up 4.88%, led by AppLovin's 71.21% jump.
- Energy was the weakest sector, down 11.97%, led by Exxon Mobil's 11.42% decline.
From Babylon Burns
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