Because the S&P 500 weighs its members by market capitalization, it was being dragged down by some of its heaviest hitters. The other biggest daily market cap drops were Amazon.com, Meta Platforms, and Phillip Morris International, all with market cap declines around $20 billion. The Dow, which offers less tech exposure and measures members by stock price instead of market cap, was up nearly 100 points, or 0.2%.
