25 members · drivers first · 1M · residual 3.0bp within 60bp gate
The XLB rose 2.92% (+1.51 pts) on the month, but 12 of 25 members went the other way. NEM and FCX carried the tape higher, contributing more than the entire move.
LINDE PLC and INTERNATIONAL PAPER CO moved almost identically (−5.05% vs −5.46%), yet LIN moved the XLB 6.6× 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 +1.51 pt move · cell size = points contributed · color = direction, intensity = return
NEM+1.3 pts(+44.8%)
FCX+0.8 pts(+30.8%)
LIN−0.4 pts(−5.1%)
CTVA−0.3 pts(−9.0%)
MLM−0.2 pts(−7.2%)
ALB+0.2 pts(+19.2%)
APD+0.1 pts
VMC−0.1 pts
STLD−0.1 pts(−6.5%)
IFF+0.1 pts(+9.1%)
CRH−0.1 pts(−3.8%)
AVY+0.1 pts(+6.7%)
LYB+0.1 pts
SW
IP−0.1 pts
PPG+0.1 pts
BALL−0.1 pts
CF−0.0 pts
MOS
DOW
Concentration curve
cumulative share of the +1.51 pt move · sorted by contribution
When they drove it
cumulative points through the period
Breadth
member returns, this period
−10%0%+10%+20%+30%+40%
From −8.99% (CTVA) to +44.82% (NEM). Equal-weight, the XLB would be +3.12% vs the actual +2.92%; the gap is what cap weighting did.
By sector
point contribution · sums to +1.51 pts
-25
+1.5
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
Materials · Select Sector
What moved the market
1M · AUG 27, 2026
+2.92%
+1.5 pts · closed 53.25
13 of 25 rose · 12 fell
NEM+44.8%
+1.3
FCX+30.8%
+0.8
ALB+19.2%
+0.2
APD+3.8%
+0.1
IFF+9.1%
+0.1
STLD−6.5%
−0.1
VMC−3.3%
−0.1
MLM−7.2%
−0.2
CTVA−9.0%
−0.3
LIN−5.1%
−0.4
NEM carried a split tape · 12 of 25 went the other wayWMTMT.COM
view 1 of 6
Cycle through the views and download any of them as a 16:9 PNG sized for X. Pasting the page link on X unfurls a server-rendered card on its own.
www.wmtmt.com/xlb?p=1m
Share on X copies the image to your clipboard and opens the composer; paste to attach it.
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.