XLF · WMTMT

Jun 30Jul 15Jul 29Aug 11Aug 25

Breadth

64 / 76

stocks rose with the index

Concentration

33%

of the gain from JPM, MA, V

Biggest driver

JPM +0.66

JPMORGAN CHASE + CO, +9.46%

Biggest drag

C −0.04

CITIGROUP INC, −4.32%

What drove it

76 members · drivers first · QTD · residual 18.0bp within 60bp gate

The XLF rose 8.75% (+4.69 pts) so far this quarter in a broad advance: 64 of 76 stocks rose, with JPM out front at +0.66 points.

Read the latest market-close note: Nvidia and Goldman Sachs Lead a Narrow Advance as Energy and Staples Slide

+4.8 pts from 63 gainers−0.1 pts from 13 losers

net +4.7 pts · gainers outweigh losers 32.3 to 1

Stock

Points

Return

XLFsum of all 76 stocks

+4.7

+8.75%

JPMJPMORGAN CHASE + CO

+0.7

+9.46%

MAMASTERCARD INC A

+0.5

+16.87%

VVISA INC CLASS A SHARES

+0.4

+11.93%

BACBANK OF AMERICA CORP

+0.3

+9.55%

SCHWSCHWAB (CHARLES) CORP

+0.3

+21.68%

BLKBLACKROCK INC

+0.2

+22.37%

ICEINTERCONTINENTAL EXCHANGE IN

+0.2

+31.42%

BXBLACKSTONE INC

+0.1

+23.03%

CMECME GROUP INC

+0.1

+25.58%

PYPLPAYPAL HOLDINGS INC

+0.1

+44.21%

GSGOLDMAN SACHS GROUP INC

+0.1

+4.71%

BNYBANK OF NEW YORK MELLON CORP

+0.1

+13.62%

MRSHMARSH + MCLENNAN COS

+0.1

+16.69%

MSMORGAN STANLEY

+0.1

+4.25%

KKRKKR + CO INC

+0.1

+17.24%

46 othersclick to expand the full index

+1.4

ERIEERIE INDEMNITY COMPANY CL A

+0.0

+8.22%

CFGCITIZENS FINANCIAL GROUP

+0.0

+0.30%

AXPAMERICAN EXPRESS CO

−0.0

−0.41%

TROWT ROWE PRICE GROUP INC

−0.0

−0.72%

MSCIMSCI INC

−0.0

+0.72%

LLOEWS CORP

−0.0

−2.12%

WRBWR BERKLEY CORP

−0.0

−2.88%

GLGLOBE LIFE INC

−0.0

−3.39%

KEYKEYCORP

−0.0

−5.05%

AFLAFLAC INC

−0.0

−0.90%

FITBFIFTH THIRD BANCORP

−0.0

−2.62%

HBANHUNTINGTON BANCSHARES INC

−0.0

−4.40%

CINFCINCINNATI FINANCIAL CORP

−0.0

−7.41%

BRK-BBERKSHIRE HATHAWAY INC CL B

−0.0

+0.76%

CCITIGROUP INC

−0.0

−4.32%

Cap weighting, illustrated

JPMORGAN CHASE + CO and ERIE INDEMNITY COMPANY CL A moved almost identically (+9.46% vs +8.22%), yet JPM moved the XLF 65.7× 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 +4.69 pt move · cell size = points contributed · color = direction, intensity = return

JPM+0.7 pts(+9.5%)

MA+0.5 pts(+16.9%)

V+0.4 pts(+11.9%)

BAC+0.3 pts(+9.5%)

SCHW+0.3 pts(+21.7%)

BLK+0.2 pts(+22.4%)

ICE+0.2 pts(+31.4%)

BX+0.1 pts

CME+0.1 pts

PYPL+0.1 pts(+44.2%)

GS+0.1 pts(+4.7%)

BNY+0.1 pts(+13.6%)

MRSH+0.1 pts(+16.7%)

MS+0.1 pts(+4.3%)

KKR+0.1 pts

COF+0.1 pts

WFC

AJG+0.1 pts

AMP+0.1 pts

HOOD+0.1 pts

COIN+0.1 pts

NDAQ

MCO

WTW

APO

CBOE

SPGI+0.0 pts

ARES+0.0 pts

MET

IBKR

BRK-B

CPAY

GPN

AON

XYZ

ALL

USB

Concentration curve

cumulative share of the +4.69 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−10%0%+10%+20%+30%+40%

From −7.41% (CINF) to +44.21% (PYPL). Equal-weight, the XLF would be +10.68% vs the actual +8.75%; the gap is what cap weighting did.

By sector

point contribution · sums to +4.69 pts

-76

+4.7

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.

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