S&P 500 · WMTMT

May 26Jun 17Jul 13Aug 3Aug 25

Breadth

329 / 503

stocks rose with the index

Concentration

72%

of the gain from MSFT, LLY, JPM

Biggest driver

MSFT +81

MICROSOFT CORP, +18.19%

Biggest drag

AVGO −41

BROADCOM INC, −15.33%

What drove it

503 members · drivers first · 3M · residual 20.3bp within 60bp gate

The S&P 500 rose 2.10% (+158 pts) over the past three months, and 72% of that gain came from just three stocks: MSFT, LLY, JPM.

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

+508.2 pts from 307 gainers−349.4 pts from 196 losers

net +158.2 pts · gainers outweigh losers 1.5 to 1

Stock

Points

Return

S&P 500sum of all 503 stocks

+158.2

+2.10%

MSFTMICROSOFT CORP

+81.2

+18.19%

LLYELI LILLY + CO

+20.1

+15.86%

JPMJPMORGAN CHASE + CO

+12.5

+16.29%

JNJJOHNSON + JOHNSON

+11.8

+18.66%

PLTRPALANTIR TECHNOLOGIES INC A

+10.9

+26.45%

VVISA INC CLASS A SHARES

+10.8

+17.62%

ABBVABBVIE INC

+10.7

+24.66%

MAMASTERCARD INC A

+10.4

+21.55%

AMZNAMAZON.COM INC

+10.4

−1.59%

MRKMERCK + CO. INC.

+10.3

+31.65%

PANWPALO ALTO NETWORKS INC

+9.3

+32.39%

XOMEXXONMOBIL HOLDINGS CORP

+8.4

+8.60%

TMOTHERMO FISHER SCIENTIFIC INC

+8.1

+40.30%

BACBANK OF AMERICA CORP

+7.4

+21.07%

AAPLAPPLE INC

+7.2

+0.51%

473 othersclick to expand the full index

+139.4

APPAPPLOVIN CORP CLASS A

−4.8

−39.61%

KLACKLA CORP

−5.2

−8.85%

GEVGE VERNOVA INC

−5.6

−13.47%

WMTWALMART INC

−6.4

−11.12%

GLWCORNING INC

−6.5

−24.86%

MNSTMONSTER BEVERAGE CORP

−7.9

−44.26%

CATCATERPILLAR INC

−8.5

−10.74%

ORCLORACLE CORP

−8.7

−24.61%

TXNTEXAS INSTRUMENTS INC

−9.2

−19.96%

QCOMQUALCOMM INC

−13.0

−35.23%

INTCINTEL CORP

−21.3

−29.18%

GOOGALPHABET INC CL C

−21.8

−10.73%

TSLATESLA INC

−23.1

−19.22%

GOOGLALPHABET INC CL A

−27.4

−10.73%

AVGOBROADCOM INC

−40.7

−15.33%

Cap weighting, illustrated

MICROSOFT CORP and NEWS CORP CLASS B moved almost identically (+18.19% vs +17.36%), yet MSFT moved the S&P 500 1,078.8× 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 +158 pt move · cell size = points contributed · color = direction, intensity = return

MSFT+81.2 pts(+18.2%)

383 more+48.3 pts

AVGO−40.7 pts(−15.3%)

GOOGL−27.4 pts

TSLA−23.1 pts(−19.2%)

GOOG−21.8 pts

INTC−21.3 pts

LLY+20.1 pts(+15.9%)

QCOM

JPM

JNJ+11.8 pts

PLTR+10.9 pts

ABBV+10.7 pts

MA+10.4 pts

AMZN+10.4 pts

MRK+10.3 pts

PANW

TXN

ORCL−8.7 pts

CAT−8.5 pts

TMO

MNST

BAC

AMGN+6.8 pts

GLW

WMT

DELL

KLAC

APP

CVX

RTX

SCHW

MRNA

VRTX

ADI

ANET

SNDK

NXPI

VLO

AMAT

PSX

WDC

SNPS

ISRG

ADP

PWR

NEM

BMY

Concentration curve

cumulative share of the +158 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−50%0%+50%+100%+150%+200%

From −44.26% (MNST) to +237.72% (MRNA). Equal-weight, the S&P 500 would be +7.63% vs the actual +2.10%; the gap is what cap weighting did.

By sector

point contribution · sums to +158 pts

-503

+158.8

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.