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WHAT MOVED THE MARKET TODAY
DAILY NOTES

Communication Services · Select Sector

24 stocks · cap-weighted, ETF-derived weights · Aug 26, 2026 close
112.63
−3.63 (−3.12%)
XLC 112.63 · −3.6 pts (−3.12%) 3M
1D1W1MQTD3M6MYTD1Y2Y3Y5Y
118.15114.31110.47106.63102.79EW −2.87%H 116.67 · May 28L 105.38 · Jul 23
May 27Jun 18Jul 14Aug 4Aug 26
Breadth
9 / 24
stocks fell with the index
Concentration
100%+
of the decline from META, NFLX, TTD
Biggest driver
META −1.94
META PLATFORMS INC CLASS A, −9.23%
Biggest offset
OMC +0.99
OMNICOM GROUP, +18.72%

What drove it

24 members · detractors first · 3M · residual 76.6bp exceeds 60bp gate

The XLC fell 3.12% (−3.63 pts) over the past three months, but 15 of 24 members went the other way. META and NFLX dragged the tape lower, contributing more than the entire move.

Read the latest market-close note: A Flat Headline on the S&P 500 Masks a Split Between Goldman Sachs and Apple

+3.7 pts from 12 gainers−7.3 pts from 12 losers
net −3.6 pts · losers outweigh gainers 2.0 to 1
Stock
Points
Return
XLCsum of all 24 stocks
−3.6
100%
−3.12%
METAMETA PLATFORMS INC CLASS A
−1.9
53%
−9.23%
NFLXNETFLIX INC
−1.4
38%
−6.74%
TTDTRADE DESK INC/THE CLASS A
−1.1
32%
−41.54%
APPAPPLOVIN CORP CLASS A
−1.0
28%
−45.74%
ECHOECHOSTAR CORP A
−0.7
20%
−19.54%
GOOGLALPHABET INC CL A
−0.5
13%
−11.99%
GOOGALPHABET INC CL C
−0.2
7%
−11.83%
TMUST MOBILE US INC
−0.2
6%
−5.36%
RDDTREDDIT INC CL A
−0.1
3%
−22.46%
WBDWARNER BROS DISCOVERY INC
−0.1
2%
+5.93%
DISWALT DISNEY CO/THE
−0.0
1%
+6.05%
PSKYPARAMOUNT SKYDANCE CL B
−0.0
0%
+1.61%
CHTRCHARTER COMMUNICATIONS INC A
+0.0
−1%
+4.56%
NWSNEWS CORP CLASS B
+0.1
−1%
+15.65%
VZVERIZON COMMUNICATIONS INC
+0.1
−2%
+4.03%
NWSANEWS CORP CLASS A
+0.2
−5%
+16.35%
FOXFOX CORP CLASS B
+0.2
−5%
+6.16%
TTWOTAKE TWO INTERACTIVE SOFTWRE
+0.2
−5%
+6.86%
FOXAFOX CORP CLASS A
+0.3
−7%
+6.29%
TAT+T INC
+0.3
−7%
+3.98%
CMCSACOMCAST CORP CLASS A
+0.3
−10%
+9.35%
LYVLIVE NATION ENTERTAINMENT IN
+0.6
−15%
+9.69%
TKOTKO GROUP HOLDINGS INC
+0.6
−17%
+0.54%
OMCOMNICOM GROUP
+1.0
−27%
+18.72%
Cap weighting, illustrated

FOX CORP CLASS A and WALT DISNEY CO/THE moved almost identically (+6.29% vs +6.05%), yet FOXA moved the XLC 10.8× 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 −3.63 pt move · cell size = points contributed · color = direction, intensity = return
META−1.9 pts(−9.2%)
NFLX−1.4 pts(−6.7%)
TTD−1.1 pts(−41.5%)
APP−1.0 pts(−45.7%)
OMC+1.0 pts(+18.7%)
ECHO−0.7 pts(−19.5%)
TKO+0.6 pts(+0.5%)
LYV+0.6 pts(+9.7%)
GOOGL−0.5 pts(−12.0%)
CMCSA+0.3 pts(+9.4%)
T+0.3 pts
FOXA+0.3 pts(+6.3%)
GOOG−0.2 pts(−11.8%)
TMUS−0.2 pts
TTWO+0.2 pts
FOX+0.2 pts
NWSA
RDDT
NWS

Concentration curve

cumulative share of the −3.63 pt move · sorted by contribution
0%50%100%6121824stocks:3 stocks = 123%100% covered at 3

When they drove it

cumulative points through the period
0META −1.94NFLX −1.40TTD −1.15OMC +0.99TKO +0.62LYV +0.55May 27Aug 26

Breadth

member returns, this period
−50%−30%−10%+10%
From −45.74% (APP) to +18.72% (OMC). Equal-weight, the XLC would be −2.87% vs the actual −3.12%; the gap is what cap weighting did.

By sector

point contribution · sums to −3.63 pts
-24
−3.6

The year, session by session

every trading day of 2026 · hover for the move
JANFEBMARAPRMAYJUNJULAUG

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