The S&P 500 closed the week at 7,561.67, up 184.81 points, or 2.51%, from November 6 to November 13. Breadth confirmed the headline this time: 401 of 503 members finished the week higher, and the equal-weight version of the index rose 2.65%, slightly ahead of the 2.51% cap-weighted gain. That combination, broad advance plus equal-weight outperformance, means this was not a handful of giants carrying the index; most of the market participated.
Concentration still mattered at the top. Broadcom added 31.80 points on an 18.16% gain, the single largest contributor to the index. Apple added 23.08 points on a 4.14% move, AMD added 18.30 points on an 18.93% gain, Micron added 11.51 points on a 12.80% rise, and Tesla added 10.73 points on an 8.93% gain. The drag side was dominated by one name: Nvidia subtracted 69.18 points on a 12.75% decline, by far the largest single detractor in the index. Microsoft took off 5.78 points, Moderna 1.41, Newmont 0.99, and Accenture 0.69.
The Dow
The Dow closed at 52,348.00, up 1,062.27 points, or 2.07%, with 23 of its 30 members higher. Here the shape diverged from the S&P story: concentration ran to 59%, and the equal-weight Dow gained just 1.42%, trailing the 2.07% headline move. That means the index's advance leaned more heavily on a few large point-movers than the broader market did.
Goldman Sachs led with 301.58 points added on a 5.86% gain, followed by Caterpillar's 247.08 points on a 7.44% rise, Apple's 82.62 points, UnitedHealth's 79.11 points, and JPMorgan Chase's 69.54 points. None of the Dow's top five are the chip names that led the S&P and Nasdaq, a clear point of divergence. Nvidia still weighed here too, taking off 141.40 points, with Microsoft down 40, McDonald's down 27.04, Boeing down 11.29, and 3M down 8.86.
The Nasdaq 100
The Nasdaq 100 closed at 27,943.74, up 953.75 points, or 3.53%, the largest percentage move of the three indices. Breadth held up with 83 of 101 members higher, concentration sat at 50%, and the equal-weight version gained 3.97%, again running ahead of the cap-weighted figure.
Apple led with 187.01 points added, Broadcom followed with 178.67 points, Alphabet added 106.93 points on a 3.86% gain, AMD added 104.11 points, and Tesla added 99.65 points. Alphabet's presence in this top five, where it does not appear in the S&P or Dow top fives, is one divergence worth noting. The other is the scale of Nvidia's drag: 367.47 points subtracted here, the largest single-stock point impact of the week across any of the three indices, a function of the stock's heavier weighting in this index. Microsoft took off 26.08 points, Moderna 7.21, Strategy Inc 4.89 on a 13.43% decline, and PDD Holdings 3.92.
The sectors
All eleven sectors finished the week higher, a rare clean sweep. Energy topped the list at 5.37%, followed by Industrials at 3.73%, Communication Services at 3.72%, and Technology at 3.33%. Financials rose 2.64%, Consumer Staples 2.50%, Health Care 2.22%, Utilities 2.11%, and Consumer Discretionary 2.04%. Real Estate and Materials brought up the rear at 0.84% and 0.52%.
Energy's 5.37% gain was worth 3.31 points to its sector index, with Exxon Mobil as the top driver, adding 0.44 points on a 2.86% rise. It was the week's standout even though its leading name posted a relatively modest percentage move, indicating participation spread through the sector rather than resting on one stock.
Materials was the week's laggard, up just 0.52% for 0.27 points, with Linde as its top driver, adding 0.13 points on a 2.10% gain. Every sector closed positive, so Materials was weak only in a relative sense, trailing the pack rather than posting an outright decline.
The payload for this week does not include a percentile ranking against the past year for any of the three indices, so no claim can be made here about how this move compares historically. What the raw numbers show is a week where chip names outside Nvidia, an industrial, and a bank did the heavy lifting, while Nvidia's decline was large enough to show up as the single biggest point drag on every index it belongs to.
The numbers
- The S&P 500 closed the week at 7,561.67, up 184.81 points, or 2.51%.
- The Dow closed at 52,348.00, up 1,062.27 points, or 2.07%.
- The Nasdaq 100 closed at 27,943.74, up 953.75 points, or 3.53%, the largest percentage gain of the three.
- Breadth in the S&P 500 was 401 of 503 members higher for the week.
- Broadcom was the S&P 500's top contributor, adding 31.80 points on an 18.16% gain.
- Nvidia was the biggest drag on all three indices, subtracting 69.18 points from the S&P 500, 141.40 points from the Dow, and 367.47 points from the Nasdaq 100.
- Energy was the week's strongest sector, up 5.37%, with Exxon Mobil as its top driver.
- Materials was the week's weakest sector, up 0.52%, with Linde as its top driver.
- Percentile data against the past year was not provided in this week's figures.
From Babylon Burns
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