LINDE PLC and CF INDUSTRIES HOLDINGS INC moved almost identically (−7.70% vs −7.28%), yet LIN moved the XLB 5.0× 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 −1.16 pt move · cell size = points contributed · color = direction, intensity = return
NEM+0.9 pts(+26.6%)
FCX+0.8 pts(+23.0%)
LIN−0.7 pts(−7.7%)
CRH−0.5 pts(−20.3%)
MLM−0.5 pts(−16.0%)
VMC−0.5 pts(−16.3%)
NUE+0.3 pts(+7.4%)
ALB−0.3 pts(−19.5%)
IFF+0.2 pts
APD−0.2 pts
PPG−0.1 pts(−8.1%)
CF−0.1 pts(−7.3%)
STLD+0.1 pts(+1.8%)
IP−0.1 pts(−12.2%)
DOW−0.1 pts(−6.4%)
MOS−0.1 pts
SHW−0.1 pts
ECL+0.1 pts
PKG+0.1 pts
BALL
AVY
AMCR
LYB
Concentration curve
cumulative share of the −1.16 pt move · sorted by contribution
When they drove it
cumulative points through the period
Breadth
member returns, this period
−30%−20%−10%0%+10%+20%
From −20.26% (CRH) to +26.57% (NEM). Equal-weight, the XLB would be −2.37% vs the actual −2.29%; the gap is what cap weighting did.
By sector
point contribution · sums to −1.16 pts
-24
−1.0
The year, session by session
every trading day of 2026 · hover for the move
JANFEBMARAPRMAYJUNJULAUGSEPOCT
Share this move
pick a view, download it as a 16:9 PNG
Materials · Select Sector
What moved the market
3M · OCT 9, 2026
−2.29%
−1.2 pts · closed 49.42
9 of 24 rose · 15 fell
NEM+26.6%
+0.9
FCX+23.0%
+0.8
NUE+7.4%
+0.3
IFF+12.6%
+0.2
STLD+1.8%
+0.1
ALB−19.5%
−0.3
VMC−16.3%
−0.5
MLM−16.0%
−0.5
CRH−20.3%
−0.5
LIN−7.7%
−0.7
3 stocks drove 100%+ of the decline: LIN, CRH, MLMWMTMT.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=3m
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.