JOHNSON + JOHNSON and BAXTER INTERNATIONAL INC moved almost identically (+1.93% vs +1.90%), yet JNJ moved the XLV 33.8× 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 +2.66 pt move · cell size = points contributed · color = direction, intensity = return
JNJ+0.3 pts(+1.9%)
MRNA+0.3 pts(+14.2%)
MRK+0.2 pts(+2.3%)
UNH+0.2 pts(+2.3%)
LLY+0.2 pts(+0.8%)
ABBV+0.2 pts(+1.5%)
GILD+0.1 pts(+2.8%)
HUM+0.1 pts
AMGN+0.1 pts(+1.8%)
ISRG+0.1 pts
PFE+0.1 pts
ELV+0.1 pts(+3.0%)
TMO+0.1 pts
CVS−0.1 pts
ABT+0.1 pts
ILMN
VRTX+0.0 pts(+1.4%)
VEEV+0.0 pts(+3.9%)
DHR
BIIB+0.0 pts
BSX+0.0 pts
MCK+0.0 pts
MDT+0.0 pts
BMY−0.0 pts
HCA
REGN
GEHC
A
EW
RMD
COR
WAT
Concentration curve
cumulative share of the +2.66 pt move · sorted by contribution
When they drove it
cumulative points through the period
Breadth
member returns, this period
−2%+2%+6%+10%+14%
From −1.86% (CVS) to +14.21% (MRNA). Equal-weight, the XLV would be +1.55% vs the actual +1.58%; the gap is what cap weighting did.
By sector
point contribution · sums to +2.66 pts
-59
+2.7
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
Health Care · Select Sector
What moved the market
1D · OCT 9, 2026
+1.58%
+2.7 pts · closed 170.82
53 of 59 rose · 6 fell
JNJ+1.9%
+0.3
MRNA+14.2%
+0.3
MRK+2.3%
+0.2
UNH+2.3%
+0.2
LLY+0.8%
+0.2
DXCM−0.4%
−0.0
LH−0.6%
−0.0
CAH−0.6%
−0.0
BMY−0.8%
−0.0
CVS−1.9%
−0.1
Broad advance · JNJ led at +0.34 ptsWMTMT.COM
view 1 of 6
Cycle through the views and download any of them as a 16:9 PNG sized for X. Pasting the page link on X unfurls a server-rendered card on its own.
www.wmtmt.com/xlv?p=1d
Share on X copies the image to your clipboard and opens the composer; paste to attach it.
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.