S&P 500 down 0.37% — Market Pulse · Jun 22, 2026

U.S. equities finished mixed on June 22. The S&P 500 closed at 7472.79, down 27.79 points, or 0.37%, while the Nasdaq Composite fell 351.33 points, or 1.32%. The Dow Jones Industrial Average added 148.01 points, or 0.29%, and the Russell 2000 rose 25.23 points, or 0.85%, pointing to a session defined more by rotation than by a broad market washout.

Key Takeaways

• S&P 500 closed down 0.37% at 7,472.79.
• Market breadth finished with 266 advancers, 235 decliners, and a 1.132 advance/decline ratio.
• Energy led sectors at +0.56%, while Communication Services lagged at -2.37%.
• VIX ended at 17.33 in the latest five-session lookback.
• SPY’s first resistance is 748.66 and first support is 744.36.

---

Market Breadth: Rotation under the surface as tech drags, small caps hold up

Metric	Jun 15	Jun 16	Jun 17	Jun 18	Jun 22
Advance/Decline Ratio	1.074	1.187	0.170	1.109	1.132
Advances	260	273	73	264	266
Declines	242	230	429	238	235
Advancing Volume	57.7%	40.3%	18.4%	58.2%	47.7%
Stocks Near 52-Week Highs	11	15	5	5	24
Stocks Near 52-Week Lows	0	2	24	12	18
% Above 20-Day MA	70.0%	68.2%	51.7%	50.9%	51.5%
% Above 50-Day MA	64.0%	65.8%	54.9%	56.1%	55.5%
% Above 200-Day MA	62.8%	64.2%	61.6%	61.0%	60.4%

Breadth leaned positive, but only slightly. Advancers led decliners by 266 to 235, an advance decline ratio of 1.132, while advancing volume was 47.65%. Participation also looked middling, with 50.3% of stocks above their 20 day moving average, 53.08% above the 50 day, and 58.45% above the 200 day. New highs and lows were fairly balanced as well, with 22 stocks near 52 week highs and 17 near 52 week lows.

Explore the full dashboard: Market breadth.

---

Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,472.79	-27.79	-0.37%
Dow Jones Industrial Average	51,712.71	148.01	+0.29%
Nasdaq Composite	26,166.60	-351.33	-1.32%
Russell 2000	3,005.00	25.23	+0.85%

Five-session context:

Index	Jun 15	Jun 16	Jun 17	Jun 18	Jun 22
S&P 500	+1.65%	-0.57%	-1.21%	+1.08%	-0.37%
Dow Jones Industrial Average	+0.92%	+0.64%	-0.98%	+0.14%	+0.29%
Nasdaq Composite	+3.07%	-1.15%	-1.34%	+1.91%	-1.32%
Russell 2000	+0.72%	-0.87%	-0.72%	+2.12%	+0.85%

The one day split capped a choppy five session stretch. Over the past five sessions, the S&P 500 moved from 7554.29 on June 15 to 7472.79 on June 22, while the Nasdaq went from 26683.94 to 26166.60 after a 3.07% gain on June 15 and a 1.32% drop in the latest session. The Dow was steadier across the same window, closing at 51712.71 versus 51671.03 five sessions earlier. Small caps also improved, with the Russell 2000 ending at 3005.00 versus 2965.09.

Explore the full dashboard: Market snapshot.

---

Sector View: Leaders and Laggards

• Leaders: Energy (XLE +0.56%), Industrials (XLI +0.48%), Health Care (XLV +0.45%), Real Estate (XLRE +0.36%), Technology (XLK +0.34%)
• Laggards: Communication Services (XLC -2.37%), Consumer Discretionary (XLY -1.93%), Consumer Staples (XLP -1.36%), Materials (XLB -0.37%), Utilities (XLU -0.09%)

Sector returns showed a mixed tape. Communication Services was the weakest group, with XLC down 2.37%, followed by Consumer Discretionary, down 1.93%, and Consumer Staples, down 1.36%. On the stronger side, Energy rose 0.56%, Industrials gained 0.48%, Health Care added 0.45%, Real Estate rose 0.36%, and Technology still finished up 0.34% despite the sharp Nasdaq decline.

Explore the full dashboard: Sector performance.

---

Volatility: VIX and ETF Implied Volatility

Metric	Jun 15	Jun 16	Jun 17	Jun 18	Jun 22
VIX Level	16.20	16.41	18.44	16.40	17.33

• SPY IV: 12.98% (Low)
• QQQ IV: 22.27% (Normal)
• IWM IV: 19.51% (Normal)
• DIA IV: 13.12% (Low)

Volatility picked up, but not dramatically. The VIX closed at 17.35, up from 16.40 on June 18 and above the 16.20 close from June 15, though still below the 18.44 reading from June 17. ETF implied volatility also suggested a mixed backdrop: SPY at 12.98% and DIA at 13.12% were both labeled Low, while QQQ at 22.27% and IWM at 19.51% were labeled Normal.

Explore the full dashboard: Volatility.

---

Headlines Moving Markets

Headline flow centered on geopolitics, rates, and large cap technology. Reuters reported that the S&P 500 and Nasdaq closed lower, dragged by Alphabet and megacap tech, with focus on Iran. Reuters also said stocks were steady and oil fell as rate worries offset optimism around Iran talks. Separate Reuters and CNBC headlines pointed to U.S. authorization of Iranian oil sales through at least August and ongoing uncertainty around the Iran deal, while CNBC highlighted Apple as an outlier during the megacap tech selloff. The most recent official Fed items in the package remain the June 17 FOMC statement and economic projections.

• S&P 500, Nasdaq close lower, dragged by Alphabet and megacap tech; focus on Iran - Reuters
• ‘We’ll see’ — Trump hedges on guarantee Iran won’t use oil profits to rebuild military
• US authorizes Iranian oil sales amid talks on final peace deal - Reuters
• Trump: ‘I will do what I have to do’ if Iran does not stick to deal - Reuters
• Stocks steady, oil falls as rate worries offset Iran talks optimism - Reuters
• European shares close higher on US-Iran talks; UK’s Starmer resigns - Reuters
• Apple is a notable outlier in Monday’s drubbing of mega-cap tech stocks
• Trump allies defend him to Israelis anxious over Iran deal - Reuters
• Indian shares rise on Reliance, IT rebound; Mideast hopes lift sentiment - Reuters
• Federal Reserve notes with deep sadness the passing of Alan Greenspan
• Federal Reserve issues FOMC statement
• Federal Reserve Board and Federal Open Market Committee release economic projections from the June 16-17 FOMC meeting

---

Technical Snapshot (SPY)

Level	Jun 15	Jun 16	Jun 17	Jun 18	Jun 22
20-day SMA	743.13	743.91	744.51	744.87	745.24
50-day SMA	720.90	722.87	724.70	726.33	727.78
200-day SMA	682.27	682.83	683.37	683.87	684.44

Near-term pivot structure, based on 2026-06-18:

• Resistance: 748.66 (R1), then 750.57 (R2)
• Pivot: 746.27
• Support: 744.36 (S1), then 741.97 (S2)

Reference SPY levels from June 18 place the traditional pivot at 746.27, with resistance at 748.66 and 750.57, and support at 744.36 and 741.97. Fibonacci levels show a similar map, with resistance at 747.91 and 748.93, and support at 744.63 and 743.61. Trend measures still slope higher: SPY’s 20 day SMA rose from 743.13 five sessions ago to 745.24, while the 50 day climbed from 720.90 to 727.78 and the 200 day from 682.27 to 684.44.

Explore the full dashboard: Support & Resistance levels.

---

What to Watch Next

• Whether the Russell 2000 can keep outperforming after its 0.85% gain while the Nasdaq dropped 1.32%.
• Breadth follow through, especially if advancing volume can move back above 50% and more than 50.3% of stocks hold above their 20 day average.
• VIX behavior around 17.35 after swinging from 18.44 on June 17 to 16.40 on June 18 and back higher on June 22.
• Key SPY levels near 746.27, with 748.66 to 750.57 overhead and 744.36 to 741.97 below.
• Geopolitical headlines tied to Iran, oil, and rate worries, which were central to the day’s market coverage.

---

Bottom Line

June 22 was a mixed session, not a broad breakdown. The Nasdaq absorbed the heaviest selling, but gains in the Dow and Russell 2000, slightly positive breadth, and a VIX still in the mid teens suggest a market still rotating rather than uniformly retreating.

---

Market Pulse provides daily analysis of S&P 500 market breadth, sector rotation, and volatility signals to help investors understand what’s happening beneath the surface. Data sourced from our real-time market breadth collectors. For personalized planning, explore our retirement calculators, investment tools, and FIRE planning resources.

Disclaimer: Nothing here is investment advice or a recommendation to buy or sell any security. This content is for educational purposes only. It is not an offer or a solicitation nor is it tax or legal advice. It does not consider your financial circumstances and objectives and may not be suitable for you. You should not rely on this information without independent verification or professional advice. No client relationship or fiduciary duty is created by viewing or using this content. Investments involve risk, including the possible loss of principal.