S&P 500 · WMTMT

Aug 20, 2024Feb 21, 2025Aug 25, 2025Feb 24, 2026Aug 25, 2026

Breadth

366 / 503

stocks rose with the index

Concentration

25%

of the gain from NVDA, AAPL, GOOGL

Biggest driver

NVDA +247

NVIDIA CORP, +67.70%

Biggest drag

UNH −18

UNITEDHEALTH GROUP INC, −28.54%

What drove it

503 members · drivers first · 2Y · residual 503.1bp exceeds 60bp gate

The S&P 500 rose 37.16% (+2,080 pts) over two years on a mixed tape; NVDA, AAPL, GOOGL did most of the lifting, with 25% of the gain between them.

Read the latest market-close note: Nvidia and Goldman Sachs Lead a Narrow Advance as Energy and Staples Slide

+2,360.4 pts from 336 gainers−271.3 pts from 167 losers

net +2,080.2 pts · gainers outweigh losers 8.7 to 1

Stock

Points

Return

S&P 500sum of all 503 stocks

+2,080.2

+37.16%

NVDANVIDIA CORP

+247.5

+67.70%

AAPLAPPLE INC

+149.7

+37.83%

GOOGLALPHABET INC CL A

+124.1

+109.15%

AMZNAMAZON.COM INC

+112.6

+45.94%

MSFTMICROSOFT CORP

+98.7

+17.36%

GOOGALPHABET INC CL C

+96.9

+104.78%

MUMICRON TECHNOLOGY INC

+96.2

+769.33%

AVGOBROADCOM INC

+95.3

+118.97%

TSLATESLA INC

+65.4

+58.41%

AMDADVANCED MICRO DEVICES

+60.6

+206.38%

PLTRPALANTIR TECHNOLOGIES INC A

+41.4

+434.44%

JPMJPMORGAN CHASE + CO

+37.9

+72.51%

JNJJOHNSON + JOHNSON

+34.8

+80.48%

INTCINTEL CORP

+31.8

+316.77%

LRCXLAM RESEARCH CORP

+27.6

+270.86%

473 othersclick to expand the full index

+894.7

QCOMQUALCOMM INC

−4.7

−2.63%

DHRDANAHER CORP

−5.0

−19.51%

ZTSZOETIS INC

−5.0

−56.88%

NKENIKE INC CL B

−5.5

−50.42%

BSXBOSTON SCIENTIFIC CORP

−5.8

−36.47%

HDHOME DEPOT INC

−6.1

−3.24%

ORCLORACLE CORP

−6.7

+6.54%

CRMSALESFORCE INC

−6.7

−20.29%

NOWSERVICENOW INC

−8.4

−24.26%

ISRGINTUITIVE SURGICAL INC

−8.4

−23.05%

FISVFISERV INC

−8.6

−68.79%

ACNACCENTURE PLC CL A

−10.3

−41.11%

INTUINTUIT INC

−11.4

−45.70%

ADBEADOBE INC

−15.1

−51.28%

UNHUNITEDHEALTH GROUP INC

−18.2

−28.54%

Cap weighting, illustrated

MICROSOFT CORP and CADENCE DESIGN SYS INC moved almost identically (+17.36% vs +17.96%), yet MSFT moved the S&P 500 1,447.0× as much. In a cap-weighted index, the bigger company's weight turns the same percentage move into far more points.

Attribution map

slicing the +2,080 pt move · cell size = points contributed · color = direction, intensity = return

NVDA+247.5 pts(+67.7%)

AAPL+149.7 pts(+37.8%)

383 more+136.2 pts

GOOGL+124.1 pts(+109.1%)

AMZN+112.6 pts(+45.9%)

MSFT+98.7 pts

GOOG+96.9 pts(+104.8%)

MU+96.2 pts(+769.3%)

AVGO+95.3 pts(+119.0%)

TSLA+65.4 pts(+58.4%)

AMD+60.6 pts(+206.4%)

PLTR+41.4 pts

JPM+37.9 pts

JNJ

INTC+31.8 pts

LRCX+27.6 pts

CSCO

SNDK+22.4 pts

GEV+21.1 pts

ABBV

STX

UNH

WDC

ADBE

CVX

BAC

WMT

PANW

MRK

DELL

ACN

WELL

ANET

AMGN

Concentration curve

cumulative share of the +2,080 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−100%+100%+300%+500%+700%+900%+1,100%+1,300%+1,500%+1,700%+1,900%+2,100%+2,300%+2,500%+2,700%+2,900%

From −87.03% (TTD) to +2,946.85% (SNDK). Equal-weight, the S&P 500 would be +43.45% vs the actual +37.16%; the gap is what cap weighting did.

By sector

point contribution · sums to +2,080 pts

-503

+2,089.1

The year, session by session

every trading day of 2026 · hover for the move

JANFEBMARAPRMAYJUNJULAUG

Share this move

pick a view, download it as a 16:9 PNG

What moved the market, in your inbox

The daily note publishes here after every close; the week's story lands in your inbox on Fridays, free. Read the daily notes.

Babylon Burns

WMTMT is built by the founders of Babylon Burns, a letter on markets, macro, and the systems behind them. The numbers live here; the arguments live there. Subscribing below joins the Babylon Burns letter.