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WHAT MOVED THE MARKET TODAY
DAILY NOTES

SPDR S&P Biotech ETF

157 stocks · cap-weighted, ETF-derived weights · Oct 9, 2026 close
153.75
+83.87 (+120.02%)
XBI 153.75 · +83.9 pts (+120.02%) 3Y
1D1W1MQTD3M6MYTD1Y2Y3Y5Y
393.91306.12218.32130.53EW +360.69%H 169.10 · Aug 25L 65.19 · Oct 30
Oct 4, 2023Jul 9, 2024Apr 9, 2025Jan 7, 2026Oct 9, 2026
Breadth
110 / 157
stocks rose with the index
Concentration
12%
of the gain from MRNA, TWST, IOVA
Biggest driver
MRNA +3.59
MODERNA INC, +115.81%
Biggest drag
JBIO −10.46
JADE BIOSCIENCES INC, −96.21%

What drove it

157 members · drivers first · 3Y · residual 4345.8bp exceeds 60bp gate

The XBI rose 120.02% (+83.87 pts) over three years on a mixed tape; MRNA, TWST, IOVA did most of the lifting, with 12% of the gain between them.

Read the latest market-close note: Goldman and Microsoft Push the Dow to a Large Gain While Telecoms Sink Communication Services

+92.8 pts from 105 gainers−29.0 pts from 52 losers
net +83.9 pts · gainers outweigh losers 3.2 to 1
Stock
Points
Return
XBIsum of all 157 stocks
+83.9
100%
+120.02%
MRNAMODERNA INC
+3.6
4%
+115.81%
TWSTTWIST BIOSCIENCE CORP
+3.6
4%
+754.90%
IOVAIOVANCE BIOTHERAPEUTICS INC
+3.0
4%
+257.46%
NTRANATERA INC
+2.9
3%
+828.43%
GRALGRAIL INC
+2.6
3%
+726.94%
TGTXTG THERAPEUTICS INC
+2.5
3%
+614.45%
IBRXIMMUNITYBIO INC
+2.5
3%
+656.12%
ERASERASCA INC
+2.2
3%
+748.15%
KRYSKRYSTAL BIOTECH INC
+2.0
2%
+199.75%
KODKODIAK SCIENCES INC
+2.0
2%
+5,971.12%
MDGLMADRIGAL PHARMACEUTICALS INC
+2.0
2%
+247.49%
PTGXPROTAGONIST THERAPEUTICS INC
+1.9
2%
+801.13%
VKTXVIKING THERAPEUTICS INC
+1.8
2%
+165.70%
TVTXTRAVERE THERAPEUTICS INC
+1.8
2%
+563.17%
SYRESPYRE THERAPEUTICS INC
+1.8
2%
+763.81%
127 othersclick to expand the full index
+52.9
63%
·
LXEOLEXEO THERAPEUTICS INC
−0.3
0%
−67.86%
OLMAOLEMA PHARMACEUTICALS INC
−0.3
0%
−31.70%
ACADACADIA PHARMACEUTICALS INC
−0.3
0%
−8.09%
REPLREPLIMUNE GROUP INC
−0.4
0%
−15.60%
AVTXAVALO THERAPEUTICS INC
−0.4
−1%
−57.40%
CABACABALETTA BIO INC
−0.5
−1%
−86.93%
NKTRNEKTAR THERAPEUTICS
−0.5
−1%
−45.85%
VORVOR BIOPHARMA INC
−0.5
−1%
−50.25%
RXRXRECURSION PHARMACEUTICALS A
−0.6
−1%
−39.11%
RAREULTRAGENYX PHARMACEUTICAL IN
−0.8
−1%
−54.79%
NTLAINTELLIA THERAPEUTICS INC
−0.9
−1%
−54.84%
QUREUNIQURE NV
−1.1
−1%
+274.63%
BMRNBIOMARIN PHARMACEUTICAL INC
−1.3
−2%
−36.21%
SRPTSAREPTA THERAPEUTICS INC
−6.8
−8%
−84.85%
JBIOJADE BIOSCIENCES INC
−10.5
−12%
−96.21%
Cap weighting, illustrated

MODERNA INC and CYTOMX THERAPEUTICS INC moved almost identically (+115.81% vs +110.66%), yet MRNA moved the XBI 60.6× 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 +83.87 pt move · cell size = points contributed · color = direction, intensity = return
JBIO−10.5 pts(−96.2%)
SRPT−6.8 pts(−84.8%)
MRNA+3.6 pts
TWST+3.6 pts(+754.9%)
IOVA+3.0 pts(+257.5%)
NTRA+2.9 pts(+828.4%)
GRAL+2.6 pts(+726.9%)
TGTX+2.5 pts
IBRX
ERAS+2.2 pts(+748.1%)
KRYS+2.0 pts(+199.7%)
KOD+2.0 pts
MDGL+2.0 pts
PTGX
VKTX
TVTX+1.8 pts
SYRE+1.8 pts
DNTH
VCYT+1.7 pts
KYMR+1.7 pts
CELC+1.7 pts
HALO+1.7 pts
PTCT
CDNA
RVMD+1.6 pts
CRSP+1.6 pts
ABBV
ORKA+1.4 pts
ROIV+1.4 pts
PCVX
NVAX
RYTM
BMRN−1.3 pts
CYTK+1.3 pts
BEAM
INCY+1.2 pts
SLS+1.2 pts
GILD
PVLA
BBIO
AMGN+1.1 pts
ADMA+1.1 pts
INSM
ARQT
PURR
RARE
VRTX
UTHR
PRAX
VRDN
NKTR
CABA
ANAB
REPL

Concentration curve

cumulative share of the +83.87 pt move · sorted by contribution
0%50%100%3979118157stocks:3 stocks = 12%100% covered at 57

When they drove it

cumulative points through the period
0MRNA +3.59TWST +3.56IOVA +3.04JBIO −10.46SRPT −6.77BMRN −1.29Oct 4Oct 9

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%+3,100%+3,300%+3,500%+3,700%+3,900%+4,100%+4,300%+4,500%+4,700%+4,900%+5,100%+5,300%+5,500%+5,700%+5,900%
From −96.21% (JBIO) to +5,971.12% (KOD). Equal-weight, the XBI would be +360.69% vs the actual +120.02%; the gap is what cap weighting did.

By sector

point contribution · sums to +83.87 pts
-157
+63.8

The year, session by session

every trading day of 2026 · hover for the move
JANFEBMARAPRMAYJUNJULAUGSEPOCT

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SESSIONSETTLEDBOARDXBI 3YMEMBERS157RESIDUAL4345.8BP / 60BP GATESRCNASDAQ · CBOE · ALPHA VANTAGEWMTMT.COM