WMTMT◆
WHAT MOVED THE MARKET TODAY
DAILY NOTES

Communication Services · Select Sector

24 stocks · cap-weighted, ETF-derived weights · Aug 27, 2026 close
111.44
+29.42 (+35.87%)
XLC 111.44 · +29.4 pts (+35.87%) 5Y
1D1W1MQTD3M6MYTD1Y2Y3Y5Y
160.36129.8299.2968.7638.22EW +68.81%H 118.83 · Apr 16L 45.72 · Nov 4
Aug 19, 2021Nov 18, 2022Feb 26, 2024May 23, 2025Aug 27, 2026
Breadth
18 / 24
stocks rose with the index
Concentration
89%
of the gain from META, GOOGL, GOOG
Biggest driver
META +11.88
META PLATFORMS INC CLASS A, +62.21%
Biggest drag
CHTR −15.21
CHARTER COMMUNICATIONS INC A, −81.12%

What drove it

24 members · drivers first · 5Y · residual 2234.7bp exceeds 60bp gate

The XLC rose 35.87% (+29.42 pts) over five years, and 89% of that gain came from just three stocks: META, GOOGL, GOOG.

Read the latest market-close note: Salesforce and Nvidia Carry Their Indexes While Most Stocks Fall Behind

+53.1 pts from 17 gainers−28.5 pts from 7 losers
net +29.4 pts · gainers outweigh losers 1.9 to 1
Stock
Points
Return
XLCsum of all 24 stocks
+29.4
100%
+35.87%
METAMETA PLATFORMS INC CLASS A
+11.9
40%
+62.21%
GOOGLALPHABET INC CL A
+7.9
27%
+153.31%
GOOGALPHABET INC CL C
+6.5
22%
+148.85%
OMCOMNICOM GROUP
+4.3
15%
+47.75%
LYVLIVE NATION ENTERTAINMENT IN
+3.7
13%
+127.06%
TAT+T INC
+2.8
9%
+61.08%
APPAPPLOVIN CORP CLASS A
+2.3
8%
+365.92%
VZVERIZON COMMUNICATIONS INC
+2.0
7%
+20.53%
TMUST MOBILE US INC
+1.8
6%
+31.87%
NFLXNETFLIX INC
+1.8
6%
+46.84%
TKOTKO GROUP HOLDINGS INC
+1.7
6%
+90.74%
FOXAFOX CORP CLASS A
+1.6
6%
+98.11%
TTWOTAKE TWO INTERACTIVE SOFTWRE
+1.5
5%
+43.59%
WBDWARNER BROS DISCOVERY INC
+1.4
5%
+4.07%
FOXFOX CORP CLASS B
+1.0
4%
+93.54%
NWSANEWS CORP CLASS A
+0.5
2%
+49.21%
NWSNEWS CORP CLASS B
+0.3
1%
+73.26%
RDDTREDDIT INC CL A
−0.1
0%
−23.14%
ECHOECHOSTAR CORP A
−0.1
0%
+25.82%
PSKYPARAMOUNT SKYDANCE CL B
−0.2
−1%
−0.54%
DISWALT DISNEY CO/THE
−2.3
−8%
−36.40%
CMCSACOMCAST CORP CLASS A
−4.1
−14%
−40.50%
TTDTRADE DESK INC/THE CLASS A
−6.4
−22%
−82.29%
CHTRCHARTER COMMUNICATIONS INC A
−15.2
−52%
−81.12%
Cap weighting, illustrated

OMNICOM GROUP and NEWS CORP CLASS A moved almost identically (+47.75% vs +49.21%), yet OMC moved the XLC 8.3× 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 +29.42 pt move · cell size = points contributed · color = direction, intensity = return
CHTR−15.2 pts(−81.1%)
META+11.9 pts(+62.2%)
GOOGL+7.9 pts(+153.3%)
GOOG+6.5 pts(+148.8%)
TTD−6.4 pts(−82.3%)
OMC+4.3 pts(+47.7%)
CMCSA−4.1 pts(−40.5%)
LYV+3.7 pts(+127.1%)
T+2.8 pts
APP+2.3 pts(+365.9%)
DIS−2.3 pts(−36.4%)
VZ+2.0 pts(+20.5%)
TMUS+1.8 pts(+31.9%)
NFLX+1.8 pts(+46.8%)
TKO+1.7 pts
FOXA+1.6 pts
TTWO
WBD+1.4 pts
FOX
NWSA

Concentration curve

cumulative share of the +29.42 pt move · sorted by contribution
0%50%100%6121824stocks:3 stocks = 89%100% covered at 4

When they drove it

cumulative points through the period
0META +11.88GOOGL +7.93GOOG +6.46CHTR −15.21TTD −6.42CMCSA −4.13Aug 19Aug 27

Breadth

member returns, this period
−100%0%+100%+200%+300%
From −82.29% (TTD) to +365.92% (APP). Equal-weight, the XLC would be +68.81% vs the actual +35.87%; the gap is what cap weighting did.

By sector

point contribution · sums to +29.42 pts
-24
+24.6

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
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.

SESSIONSETTLEDBOARDXLC 5YMEMBERS24RESIDUAL2234.7BP / 60BP GATESRCNASDAQ · CBOE · ALPHA VANTAGEWMTMT.COM