The S&P 500 fell. A slight majority of U.S. stocks rose
On Friday, September 4, Apple, Microsoft and Tesla accounted for the S&P 500 fund SPY's 0.39% drop as 2,946 U.S. stocks advanced against 2,605 decliners.
Apple subtracted 0.18 percentage points from the S&P 500 fund SPY at Friday's close, the largest hole in a 0.39% decline. Microsoft subtracted 0.12 percentage points and Tesla 0.09. Counted name by name, more U.S. stocks still finished higher than lower.
The S&P 500 versus 5,811 U.S. stocks
Of 5,811 U.S. common stocks listed on the NYSE, Nasdaq and NYSE American, 2,946 rose, 2,605 fell, and 260 were unchanged. That is 50.7% advancers, a slight majority. The count excludes ETFs, funds, foreign listings, and currency and crypto symbols.
The two S&P 500 constructions moved together. The Nasdaq-100 and small caps went the other way.
Both S&P 500 funds fell; Nasdaq-100 and small caps rose
- 0.26
- 0.18
- −0.39
- −0.48
Sixteen of the 20 mega-caps in the board fell, including Apple, Microsoft, Amazon, Alphabet, Tesla, Berkshire Hathaway, JPMorgan, and Walmart.
Apple fell 2.5%, Microsoft 2.0%, and Tesla 5.9%. Tesla's drop came after its Cybercab event, with a federal safety review of the vehicle reported the same session. Nvidia, the S&P 500's largest holding at 8.3% of SPY, rose 0.84% and added 0.07 percentage points, not enough to offset Apple.
Micron added more than the Nasdaq-100 gained
Micron, the memory-chip maker, rose 6.1% and added 0.29 percentage points to the Nasdaq-100 fund QQQ, more than the fund's entire 0.18% gain, and only 0.10 percentage points to SPY, where it weighs less. AMD rose 4.7%, Intel 4.5%, and SanDisk, the flash-memory company, 11.9%.
The small-cap fund IWM gained 0.26%, and the eight names that moved it most accounted for 0.01 percentage points of that rise. That is what a gain looks like when it is not a handful.
The read breaks if Monday's advancers fall to 45% or less of the 5,811-name universe, against Friday's 50.7%, while the S&P 500 falls again. Then the index and the market would be telling the same story.
Frequently asked
If the index fell, how many stocks actually rose?
Of 5,811 U.S. common stocks, 2,946 rose and 2,605 fell, making advancers a slight majority at 50.7%.
Why did Tesla drop so much?
Tesla fell 5.9% after its Cybercab event, with a federal safety review of the vehicle reported the same session.
Did Nvidia help offset the decline?
Nvidia rose 0.84% and added 0.07 percentage points, not enough to offset Apple.
What would change this read?
If Monday's advancers fall to 45% or less of the 5,811-name universe while the S&P 500 falls again, the index and the market would be telling the same story.