WMTMT◆
WHAT MOVED THE MARKET TODAY
DAILY NOTES

Utilities · Select Sector

31 stocks · cap-weighted, ETF-derived weights · Aug 25, 2026 close
43.30
+0.61 (+1.43%)
XLU 43.30 · +0.6 pts (+1.43%) YTD
1D1W1MQTD3M6MYTD1Y2Y3Y5Y
48.7746.9345.0943.26EW +4.89%H 47.73 · Feb 27L 41.87 · Jan 7
Dec 31Mar 3Apr 29Jun 29Aug 25
Breadth
25 / 31
stocks rose with the index
Concentration
100%+
of the gain from D, EIX, NEE
Biggest driver
D +0.27
DOMINION ENERGY INC, +16.63%
Biggest drag
CEG −0.55
CONSTELLATION ENERGY, −20.96%

What drove it

31 members · drivers first · YTD · residual 118.7bp exceeds 60bp gate

The XLU rose 1.43% (+0.61 pts) so far this year, and more than all of that gain came from just three stocks: D, EIX, NEE.

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

+2.2 pts from 23 gainers−1.2 pts from 8 losers
net +0.6 pts · gainers outweigh losers 1.7 to 1
Stock
Points
Return
XLUsum of all 31 stocks
+0.6
100%
+1.43%
DDOMINION ENERGY INC
+0.3
45%
+16.63%
EIXEDISON INTERNATIONAL
+0.2
35%
+27.99%
NEENEXTERA ENERGY INC
+0.2
34%
+6.38%
ETRENTERGY CORP
+0.2
31%
+17.04%
SOSOUTHERN CO/THE
+0.2
29%
+5.68%
PCGP G + E CORP
+0.2
26%
+14.92%
DUKDUKE ENERGY CORP
+0.1
24%
+5.87%
AEPAMERICAN ELECTRIC POWER
+0.1
20%
+8.09%
EDCONSOLIDATED EDISON INC
+0.1
17%
+9.60%
XELXCEL ENERGY INC
+0.1
15%
+6.05%
EVRGEVERGY INC
+0.1
11%
+14.20%
AEEAMEREN CORPORATION
+0.1
11%
+8.51%
AWKAMERICAN WATER WORKS CO INC
+0.1
10%
+6.90%
FEFIRSTENERGY CORP
+0.1
9%
+6.16%
DTEDTE ENERGY COMPANY
+0.0
7%
+7.69%
EXCEXELON CORP
+0.0
6%
+3.48%
PNWPINNACLE WEST CAPITAL
+0.0
5%
+12.20%
ESEVERSOURCE ENERGY
+0.0
4%
+7.88%
LNTALLIANT ENERGY CORP
+0.0
4%
+6.75%
WECWEC ENERGY GROUP INC
+0.0
4%
+2.84%
CNPCENTERPOINT ENERGY INC
+0.0
3%
+2.68%
AESAES CORP
+0.0
2%
+5.16%
ATOATMOS ENERGY CORP
+0.0
1%
+1.07%
PPLPPL CORP
−0.0
−1%
+1.49%
CMSCMS ENERGY CORP
−0.0
−2%
+0.28%
NINISOURCE INC
−0.0
−2%
−1.37%
PEGPUBLIC SERVICE ENTERPRISE GP
−0.1
−10%
−7.22%
SRESEMPRA
−0.1
−12%
−3.12%
VSTVISTRA CORP
−0.2
−29%
−13.53%
NRGNRG ENERGY INC
−0.3
−56%
−28.21%
CEGCONSTELLATION ENERGY
−0.5
−90%
−20.96%
Cap weighting, illustrated

SOUTHERN CO/THE and AES CORP moved almost identically (+5.68% vs +5.16%), yet SO moved the XLU 13.8× 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 +0.61 pt move · cell size = points contributed · color = direction, intensity = return
CEG−0.5 pts(−21.0%)
NRG−0.3 pts(−28.2%)
D+0.3 pts(+16.6%)
EIX+0.2 pts(+28.0%)
NEE+0.2 pts(+6.4%)
ETR+0.2 pts(+17.0%)
SO+0.2 pts(+5.7%)
VST−0.2 pts
PCG+0.2 pts(+14.9%)
DUK+0.1 pts(+5.9%)
AEP+0.1 pts(+8.1%)
ED+0.1 pts(+9.6%)
XEL+0.1 pts(+6.1%)
SRE−0.1 pts
EVRG+0.1 pts
AEE+0.1 pts
PEG−0.1 pts
AWK+0.1 pts
FE+0.1 pts
DTE
EXC+0.0 pts
PNW
ES
LNT
WEC

Concentration curve

cumulative share of the +0.61 pt move · sorted by contribution
0%50%100%8162331stocks:3 stocks = 113%100% covered at 3

When they drove it

cumulative points through the period
0D +0.27EIX +0.21NEE +0.21CEG −0.55NRG −0.34VST −0.18Dec 31Aug 25

Breadth

member returns, this period
−30%−20%−10%0%+10%+20%
From −28.21% (NRG) to +27.99% (EIX). Equal-weight, the XLU would be +4.89% vs the actual +1.43%; the gap is what cap weighting did.

By sector

point contribution · sums to +0.61 pts
-31
+0.9

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.

SESSIONSETTLEDBOARDXLU YTDMEMBERS31RESIDUAL118.7BP / 60BP GATESRCNASDAQ · CBOE · ALPHA VANTAGEWMTMT.COM