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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
+44.57 (+67.75%)
XLC 110.36 · +44.6 pts (+67.75%) 3Y
1D1W1MQTD3M6MYTD1Y2Y3Y5Y
139.99119.8599.7279.58EW +83.05%H 119.79 · Jan 29L 64.39 · Oct 30
Oct 4, 2023Jul 9, 2024Apr 9, 2025Jan 7, 2026Oct 9, 2026
Breadth
17 / 22
stocks rose with the index
Concentration
60%
of the gain from META, GOOGL, GOOG
Biggest driver
META +9.80
META PLATFORMS INC CLASS A, +137.22%
Biggest drag
CHTR −5.45
CHARTER COMMUNICATIONS INC A, −76.12%

What drove it

22 members · drivers first · 3Y · residual 584.3bp exceeds 60bp gate

The XLC rose 67.75% (+44.57 pts) over three years, and 60% of that gain came from just three stocks: META, GOOGL, GOOG.

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

+48.0 pts from 17 gainers−9.4 pts from 5 losers
net +44.6 pts · gainers outweigh losers 5.1 to 1
Stock
Points
Return
XLCsum of all 22 stocks
+44.6
100%
+67.75%
METAMETA PLATFORMS INC CLASS A
+9.8
22%
+137.22%
GOOGLALPHABET INC CL A
+9.5
21%
+162.35%
GOOGALPHABET INC CL C
+7.3
16%
+157.54%
APPAPPLOVIN CORP CLASS A
+4.2
10%
+586.93%
DISWALT DISNEY CO/THE
+4.1
9%
+40.51%
LYVLIVE NATION ENTERTAINMENT IN
+2.8
6%
+102.46%
NFLXNETFLIX INC
+1.5
3%
+86.52%
VZVERIZON COMMUNICATIONS INC
+1.4
3%
+58.90%
TAT+T INC
+1.4
3%
+74.97%
TTWOTAKE TWO INTERACTIVE SOFTWRE
+1.3
3%
+52.86%
OMCOMNICOM GROUP
+1.3
3%
+14.81%
FOXAFOX CORP CLASS A
+1.3
3%
+112.12%
TKOTKO GROUP HOLDINGS INC
+0.9
2%
+117.71%
FOXFOX CORP CLASS B
+0.8
2%
+105.80%
TMUST MOBILE US INC
+0.2
0%
+12.49%
NWSANEWS CORP CLASS A
+0.1
0%
+49.73%
NWSNEWS CORP CLASS B
+0.1
0%
+58.35%
ECHOECHOSTAR CORP A
−0.1
0%
−10.86%
SKYDSKYDANCE CORP
−0.2
0%
−14.75%
RDDTREDDIT INC CL A
−1.5
−3%
−20.22%
CMCSACOMCAST CORP CLASS A
−2.2
−5%
−40.50%
CHTRCHARTER COMMUNICATIONS INC A
−5.5
−12%
−76.12%
Cap weighting, illustrated

VERIZON COMMUNICATIONS INC and NEWS CORP CLASS B moved almost identically (+58.90% vs +58.35%), yet VZ moved the XLC 22.0× 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 +44.57 pt move · cell size = points contributed · color = direction, intensity = return
META+9.8 pts(+137.2%)
GOOGL+9.5 pts(+162.3%)
GOOG+7.3 pts(+157.5%)
CHTR−5.5 pts(−76.1%)
APP+4.2 pts(+586.9%)
DIS+4.1 pts(+40.5%)
LYV+2.8 pts(+102.5%)
CMCSA−2.2 pts
NFLX+1.5 pts(+86.5%)
RDDT−1.5 pts(−20.2%)
VZ+1.4 pts(+58.9%)
T+1.4 pts(+75.0%)
TTWO+1.3 pts(+52.9%)
OMC+1.3 pts
FOXA
TKO+0.9 pts
FOX
TMUS
SKYD

Concentration curve

cumulative share of the +44.57 pt move · sorted by contribution
0%50%100%6111722stocks:3 stocks = 60%100% covered at 11

When they drove it

cumulative points through the period
0META +9.80GOOGL +9.54GOOG +7.27CHTR −5.45CMCSA −2.16RDDT −1.48Oct 4Oct 9

Breadth

member returns, this period
−100%+100%+300%+500%
From −76.12% (CHTR) to +586.93% (APP). Equal-weight, the XLC would be +83.05% vs the actual +67.75%; the gap is what cap weighting did.

By sector

point contribution · sums to +44.57 pts
-22
+38.6

The year, session by session

every trading day of 2026 · hover for the move
JANFEBMARAPRMAYJUNJULAUGSEPOCT

Share this move

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SESSIONSETTLEDBOARDXLC 3YMEMBERS22RESIDUAL584.3BP / 60BP GATESRCNASDAQ · CBOE · ALPHA VANTAGEWMTMT.COM