XLI · WMTMT

May 26Jun 17Jul 13Aug 3Aug 25

Breadth

49 / 83

stocks rose with the index

Concentration

88%

of the gain from GE, RTX, FDX

Biggest driver

GE +1.32

GENERAL ELECTRIC, +11.14%

Biggest drag

GEV −1.73

GE VERNOVA INC, −13.47%

What drove it

83 members · drivers first · 3M · residual 40.4bp within 60bp gate

The XLI rose 2.35% (+4.10 pts) over the past three months, and 88% of that gain came from just three stocks: GE, RTX, FDX.

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

+13.7 pts from 49 gainers−9.6 pts from 34 losers

net +4.1 pts · gainers outweigh losers 1.4 to 1

Stock

Points

Return

XLIsum of all 83 stocks

+4.1

+2.35%

GEGENERAL ELECTRIC

+1.3

+11.14%

RTXRTX CORP

+1.2

+17.50%

FDXFEDEX CORP

+1.1

+28.52%

DEDEERE + CO

+1.0

+19.50%

ADPAUTOMATIC DATA PROCESSING

+1.0

+30.48%

UBERUBER TECHNOLOGIES INC

+0.8

+14.58%

AXONAXON ENTERPRISE INC

+0.7

+59.16%

PHPARKER HANNIFIN CORP

+0.6

+17.04%

UNPUNION PACIFIC CORP

+0.5

+14.81%

CTASCINTAS CORP

+0.4

+19.68%

URIUNITED RENTALS INC

+0.4

+9.24%

PAYXPAYCHEX INC

+0.3

+31.85%

MMM3M CO

+0.3

+16.46%

CSXCSX CORP

+0.3

+10.85%

FASTFASTENAL CO

+0.3

+13.18%

53 othersclick to expand the full index

+2.4

EMEEMCOR GROUP INC

−0.2

−14.07%

GNRCGENERAC HOLDINGS INC

−0.2

−26.58%

NOCNORTHROP GRUMMAN CORP

−0.2

−2.13%

TDGTRANSDIGM GROUP INC

−0.2

−2.73%

ROLROLLINS INC

−0.2

−31.60%

CMICUMMINS INC

−0.3

−14.35%

LHXL3HARRIS TECHNOLOGIES INC

−0.3

−16.04%

HONHONEYWELL INTERNATIONAL INC

−0.5

−11.25%

FIXCOMFORT SYSTEMS USA INC

−0.5

−17.06%

BABOEING CO/THE

−0.5

−3.58%

HONAHONEYWELL AEROSPACE INC

−0.6

−27.17%

VRTVERTIV HOLDINGS CO A

−0.8

−21.07%

PWRQUANTA SERVICES INC

−0.8

−18.67%

CATCATERPILLAR INC

−1.4

−10.74%

GEVGE VERNOVA INC

−1.7

−13.47%

Cap weighting, illustrated

GENERAL ELECTRIC and UNITED AIRLINES HOLDINGS INC moved almost identically (+11.14% vs +10.85%), yet GE moved the XLI 31.9× 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 +4.10 pt move · cell size = points contributed · color = direction, intensity = return

GEV−1.7 pts(−13.5%)

CAT−1.4 pts(−10.7%)

GE+1.3 pts(+11.1%)

RTX+1.2 pts(+17.5%)

FDX+1.1 pts(+28.5%)

DE+1.0 pts(+19.5%)

ADP+1.0 pts

PWR−0.8 pts

UBER+0.8 pts(+14.6%)

VRT−0.8 pts(−21.1%)

AXON+0.7 pts(+59.2%)

HONA−0.6 pts(−27.2%)

PH+0.6 pts(+17.0%)

BA−0.5 pts

FIX−0.5 pts

UNP+0.5 pts(+14.8%)

HON−0.5 pts(−11.3%)

CTAS+0.4 pts

URI+0.4 pts

PAYX+0.3 pts

LHX

MMM+0.3 pts

CSX+0.3 pts

CMI

FAST

ITW+0.3 pts

GD+0.2 pts

ROL−0.2 pts

TDG

NOC

GNRC

EME

JCI

ETN

VLTO

LII

CHRW

EXPD

RSG

NSC

SWK

Concentration curve

cumulative share of the +4.10 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−50%−25%0%+25%+50%

From −31.60% (ROL) to +59.16% (AXON). Equal-weight, the XLI would be +3.90% vs the actual +2.35%; the gap is what cap weighting did.

By sector

point contribution · sums to +4.10 pts

-83

+4.1

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.

Industrials · Select Sector

What drove it

Attribution map

Concentration curve

When they drove it

Breadth

By sector

The year, session by session

Share this move