Nasdaq, Dow, S&P: It’s Complicated (Like a Rom-Com)

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Okay, Wall Street had a day. A day where indexes are apparently playing musical chairs, and some are getting better seats than others. It’s like trying to get a decent table at brunch – somebody’s always getting squeezed. Today, that “somebody” is the Dow. Don’t worry, it’ll get over it. Probably.

By noon ET, the Nasdaq Composite (^IXIC +1.13%) was leading the charge, closely followed by the S&P 500 (^GSPC +0.73%). The Dow Jones Industrial Average (^DJI +0.59%)? Well, let’s just say it was bringing up the rear, but still technically moving forward. Progress, people! It’s a concept.

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Why Three Tech Titans Are Basically Running the Nasdaq (And We’re Just Living In It)

Look, everyone reacted to the same news. But some indexes are more…enthusiastic about certain companies than others. It’s like your family at Thanksgiving – everyone’s grateful for the food, but Aunt Carol is really grateful for the cranberry sauce.

  • Nvidia (NVDA +1.91%) is up over 2%, because investors are bracing for earnings. It’s the Super Bowl of quarterly reports. May the best chip win.
  • Apple (AAPL +0.82%) gained 2% on expansion of manufacturing in Texas. Apparently, building more Mac minis and AI servers is a good thing. Who knew? (Don’t answer that.)
  • Microsoft (MSFT +2.54%) jumped 2.5% because management is reassuring everyone that OpenAI is a reliable Azure client. It’s a complicated relationship, like a tech-industry rom-com.

These three companies collectively account for a whopping 26% of the Nasdaq Composite. On the S&P 500? Only 18%. It’s a significant difference. It’s like having three kids who demand all the cookies. (I’m not saying that’s happening at Nasdaq HQ, but…)

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The Dow: Still Here, Still Doing Its Own Thing

Now, the Dow. The Dow is…different. It’s weighted by stock prices, not market caps. Which means a high-priced stock has more influence. It’s like a popularity contest where the kid with the nicest shoes wins. It’s not always rational, but it’s entertaining.

Nvidia, Apple, and Microsoft are members of the Dow’s exclusive 30-name club, but their combined weight is only 10.6%. That’s…underwhelming. Microsoft still ranks among the top three movers today, trailing only Goldman Sachs (GS +1.90%) and IBM (IBM +4.09%).

Lots of financial service stocks are up around 3%, including Goldman. Last night’s State of the Union was surprisingly devoid of economic bombshells, and the financial sector was bracing for the worst. Goldman carries a heavy load in the Dow with a share price of $919 and an 11.3% index weight. Yes, that’s more than Nvidia, Apple, and Microsoft combined. It’s a reminder that old money still talks.

Finally, IBM holds a respectable 2.8% weight, thanks to a triple-digit share price of $223. Big Blue is up 7% today, rebounding from AI-related threats to its consulting services. Shares are still down 7% over the last week, but hey, at least they’re not actively losing ground. Baby steps.

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2026-02-25 21:42