XLP fell 2.16% to $85.47, its biggest one-day drop in 1 month and a 2.0σ move against its 60-day volatility, on 1.4× average volume. This was largely stock-specific: the S&P 500 gained 1.68% that session, leaving about 3.2 points of the move unexplained by the market after adjusting for a 0.62 beta. The fund opened with a 1.56% gap down.

XLP rose 1.99% to $87.06, a 1.9σ move against its 60-day volatility, on 2.1× average volume. This was largely stock-specific: the S&P 500 gained 0.24% that session, leaving about 1.8 points of the move unexplained by the market after adjusting for a 0.62 beta. The fund opened with a 2.00% gap up, closed near the session low (7% of the day's range) and marked a 3rd consecutive advance.

XLP rose 1.46% to $85.36. This was largely stock-specific: the S&P 500 gained 0.02% that session, leaving about 1.4 points of the move unexplained by the market after adjusting for a 0.62 beta. The fund reclaimed its 20-day moving average.

XLP fell 1.39% to $83.21, its biggest one-day drop in 2 weeks. The move was broadly in line with the wider market — the S&P 500 fell 1.23% the same session — so little of it was company-specific. The fund opened with a 1.40% gap down and lost its 20- and 50-day moving averages.

XLP rose 2.80% to $85.81, its biggest one-day gain in 1.3 years and a 2.8σ move against its 60-day volatility. This was largely stock-specific: the S&P 500 fell 0.54% that session, leaving about 3.1 points of the move unexplained by the market after adjusting for a 0.62 beta. The fund opened with a 0.80% gap up, closed near the session high (99% of the day's range) and reclaimed its 20- and 50-day moving averages. Historically, after 2.5σ-or-larger up days, XLP returned +0.01% on average over the following 5 sessions (50% positive, n=8).