XLF · WMTMT

Sep 10Sep 17Sep 25Oct 2Oct 9

Breadth

56 / 76

stocks fell with the index

Concentration

52%

of the decline from JPM, BAC, GS

Biggest driver

JPM −0.42

JPMORGAN CHASE + CO, −5.35%

Biggest offset

V +0.22

VISA INC CLASS A SHARES, +4.97%

What drove it

76 members · detractors first · 1M · residual 31.5bp within 60bp gate

The XLF fell 3.76% (−2.14 pts) on the month in a broad selloff: 56 of 76 stocks fell, with JPM out front at −0.42 points.

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

+0.7 pts from 22 gainers−2.8 pts from 54 losers

net −2.1 pts · losers outweigh gainers 3.9 to 1

Stock

Points

Return

XLFsum of all 76 stocks

−2.1

−3.76%

JPMJPMORGAN CHASE + CO

−0.4

−5.35%

BACBANK OF AMERICA CORP

−0.4

−13.19%

GSGOLDMAN SACHS GROUP INC

−0.3

−12.20%

MSMORGAN STANLEY

−0.2

−10.65%

SCHWSCHWAB (CHARLES) CORP

−0.1

−9.89%

WFCWELLS FARGO + CO

−0.1

−6.58%

CCITIGROUP INC

−0.1

−6.40%

BNYBANK OF NEW YORK MELLON CORP

−0.1

−12.21%

PNCPNC FINANCIAL SERVICES GROUP

−0.1

−9.79%

BXBLACKSTONE INC

−0.1

−8.85%

USBUS BANCORP

−0.1

−7.71%

KKRKKR + CO INC

−0.1

−9.81%

AXPAMERICAN EXPRESS CO

−0.0

−3.91%

AONAON PLC CLASS A

−0.0

−11.15%

COFCAPITAL ONE FINANCIAL CORP

−0.0

−3.77%

46 othersclick to expand the full index

−0.6

AFLAFLAC INC

+0.0

+0.06%

SPGIS+P GLOBAL INC

+0.0

−0.63%

MSCIMSCI INC

+0.0

+3.17%

ICEINTERCONTINENTAL EXCHANGE IN

+0.0

+0.55%

FDSFACTSET RESEARCH SYSTEMS INC

+0.0

+9.17%

METMETLIFE INC

+0.0

+1.58%

PGRPROGRESSIVE CORP

+0.0

+0.62%

AIGAMERICAN INTERNATIONAL GROUP

+0.0

+3.35%

CBCHUBB LTD

+0.0

+1.07%

CBOECBOE GLOBAL MARKETS INC

+0.0

+6.09%

PYPLPAYPAL HOLDINGS INC

+0.0

+4.16%

CMECME GROUP INC

+0.0

+2.37%

MAMASTERCARD INC A

+0.1

+4.22%

BRK-BBERKSHIRE HATHAWAY INC CL B

+0.2

+1.67%

VVISA INC CLASS A SHARES

+0.2

+4.97%

Cap weighting, illustrated

JPMORGAN CHASE + CO and BROWN + BROWN INC moved almost identically (−5.35% vs −5.19%), yet JPM moved the XLF 42.0× 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 −2.14 pt move · cell size = points contributed · color = direction, intensity = return

JPM−0.4 pts(−5.3%)

BAC−0.4 pts(−13.2%)

GS−0.3 pts(−12.2%)

MS−0.2 pts(−10.7%)

V+0.2 pts(+5.0%)

BRK-B+0.2 pts(+1.7%)

MA+0.1 pts(+4.2%)

SCHW−0.1 pts(−9.9%)

WFC−0.1 pts(−6.6%)

C−0.1 pts(−6.4%)

BNY−0.1 pts(−12.2%)

PNC−0.1 pts

BX−0.1 pts

USB−0.1 pts

KKR−0.1 pts

AXP

AON

COF

TFC

HOOD

APO−0.0 pts

ALL−0.0 pts

FITB−0.0 pts

ARES

MTB

HBAN

RJF

HIG

AJG

PYPL

CBOE

Concentration curve

cumulative share of the −2.14 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−15%−10%−5%0%+5%

From −13.19% (BAC) to +9.17% (FDS). Equal-weight, the XLF would be −4.01% vs the actual −3.76%; the gap is what cap weighting did.

By sector

point contribution · sums to −2.14 pts

-76

−2.1

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

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.

Financials · Select Sector

What drove it

Attribution map

Concentration curve

When they drove it

Breadth

By sector

The year, session by session

Share this move