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WHAT MOVED THE MARKET TODAY
DAILY NOTES

Communication Services · Select Sector

22 stocks · cap-weighted, ETF-derived weights · Oct 9, 2026 close
110.36
−1.23 (−1.10%)
XLC 110.36 · −1.2 pts (−1.10%) 3M
1D1W1MQTD3M6MYTD1Y2Y3Y5Y
117.60114.34111.09107.83104.58EW −4.36%H 115.07 · Sep 14L 105.38 · Jul 23
Jul 13Aug 4Aug 26Sep 17Oct 9
Breadth
14 / 22
stocks fell with the index
Concentration
100%+
of the decline from APP, RDDT, TMUS
Biggest driver
APP −2.45
APPLOVIN CORP CLASS A, −37.44%
Biggest offset
META +4.10
META PLATFORMS INC CLASS A, +9.43%

What drove it

22 members · detractors first · 3M · residual 305.6bp exceeds 60bp gate

The XLC fell 1.10% (−1.23 pts) over the past three months, and more than all of that decline came from just three stocks: APP, RDDT, TMUS.

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

+7.1 pts from 9 gainers−8.7 pts from 13 losers
net −1.2 pts · losers outweigh gainers 1.2 to 1
Stock
Points
Return
XLCsum of all 22 stocks
−1.2
100%
−1.10%
APPAPPLOVIN CORP CLASS A
−2.5
199%
−37.44%
RDDTREDDIT INC CL A
−1.5
119%
−20.46%
TMUST MOBILE US INC
−1.3
102%
−21.14%
CMCSACOMCAST CORP CLASS A
−0.9
69%
−13.81%
TTWOTAKE TWO INTERACTIVE SOFTWRE
−0.7
61%
−12.56%
CHTRCHARTER COMMUNICATIONS INC A
−0.6
50%
−21.31%
LYVLIVE NATION ENTERTAINMENT IN
−0.5
41%
−7.07%
OMCOMNICOM GROUP
−0.3
26%
−7.37%
SKYDSKYDANCE CORP
−0.2
15%
−14.75%
NFLXNETFLIX INC
−0.1
7%
−4.78%
NWSANEWS CORP CLASS A
−0.1
5%
+5.01%
TKOTKO GROUP HOLDINGS INC
−0.1
4%
−1.65%
NWSNEWS CORP CLASS B
−0.0
4%
+1.91%
FOXFOX CORP CLASS B
+0.0
−1%
+11.29%
FOXAFOX CORP CLASS A
+0.0
−2%
+11.65%
VZVERIZON COMMUNICATIONS INC
+0.0
−4%
−2.41%
ECHOECHOSTAR CORP A
+0.1
−11%
+2.09%
TAT+T INC
+0.2
−18%
+2.88%
DISWALT DISNEY CO/THE
+0.5
−44%
+12.55%
GOOGALPHABET INC CL C
+0.9
−70%
−0.80%
GOOGLALPHABET INC CL A
+1.2
−96%
−0.24%
METAMETA PLATFORMS INC CLASS A
+4.1
−333%
+9.43%
Cap weighting, illustrated

WALT DISNEY CO/THE and FOX CORP CLASS B moved almost identically (+12.55% vs +11.29%), yet DIS moved the XLC 50.2× 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 −1.23 pt move · cell size = points contributed · color = direction, intensity = return
META+4.1 pts(+9.4%)
APP−2.5 pts(−37.4%)
RDDT−1.5 pts(−20.5%)
TMUS−1.3 pts(−21.1%)
GOOGL+1.2 pts(−0.2%)
GOOG+0.9 pts(−0.8%)
CMCSA−0.9 pts(−13.8%)
TTWO−0.7 pts(−12.6%)
CHTR−0.6 pts(−21.3%)
DIS+0.5 pts(+12.6%)
LYV−0.5 pts(−7.1%)
OMC−0.3 pts
T+0.2 pts
SKYD−0.2 pts
ECHO+0.1 pts
NWSA
TKO

Concentration curve

cumulative share of the −1.23 pt move · sorted by contribution
0%50%100%6111722stocks:3 stocks = 421%100% covered at 1

When they drove it

cumulative points through the period
0APP −2.45RDDT −1.47TMUS −1.26META +4.10GOOGL +1.18GOOG +0.86Jul 13Oct 9

Breadth

member returns, this period
−40%−30%−20%−10%0%+10%
From −37.44% (APP) to +12.55% (DIS). Equal-weight, the XLC would be −4.36% vs the actual −1.10%; the gap is what cap weighting did.

By sector

point contribution · sums to −1.23 pts
-22
−1.6

The year, session by session

every trading day of 2026 · hover for the move
JANFEBMARAPRMAYJUNJULAUGSEPOCT

Share this move

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