S&P 500 up 1.18% — Market Pulse · Jun 29, 2026
Stocks ended higher on June 29, with the Nasdaq Composite climbing 522.52 points, or 2.07%, to 25820.14. The S&P 500 rose 86.41 points, or 1.18%, to 7440.43, while the Dow Jones Industrial Average added 306.63 points, or 0.59%, to 52182.74. Small caps lagged, with the Russell 2000 up just 0.34 points, or 0.01%, to 3010.42.
Key Takeaways
- S&P 500 closed up 1.18% at 7,440.43.
- Market breadth finished with 229 advancers, 273 decliners, and a 0.839 advance/decline ratio.
- Consumer Discretionary led sectors at +2.40%, while Materials lagged at -1.82%.
- VIX ended at 17.65 in the latest five-session lookback.
- SPY’s first resistance is 738.37 and first support is 718.45.
Market Breadth: Nasdaq leads rebound as breadth lags the headline move
| Metric | Jun 23 | Jun 24 | Jun 25 | Jun 26 | Jun 29 |
|---|---|---|---|---|---|
| Advance/Decline Ratio | 1.313 | 1.783 | 1.540 | 1.820 | 0.839 |
| Advances | 285 | 321 | 305 | 324 | 229 |
| Declines | 217 | 180 | 198 | 178 | 273 |
| Advancing Volume | 44.7% | 43.6% | 51.1% | 60.4% | 54.0% |
| Stocks Near 52-Week Highs | 20 | 19 | 32 | 40 | 51 |
| Stocks Near 52-Week Lows | 9 | 4 | 14 | 3 | 9 |
| % Above 20-Day MA | 54.5% | 59.8% | 61.0% | 63.0% | 65.2% |
| % Above 50-Day MA | 59.8% | 63.8% | 63.6% | 64.2% | 64.8% |
| % Above 200-Day MA | 61.8% | 63.6% | 62.6% | 64.8% | 63.0% |
Under the surface, participation was more mixed than the index gains suggested. Decliners outnumbered advancers, 273 to 229, for an advance-decline ratio of 0.839, though advancing volume still reached 53.96%. Longer participation measures stayed constructive, with 64.81% of stocks above their 20-day moving average, 63.62% above the 50-day, and 61.43% above the 200-day. New leadership also broadened somewhat, with 50 stocks near 52-week highs versus 9 near lows.
Explore the full dashboard: Market breadth.
Market Performance: Major Indexes
| Index | Close | Change | % Change |
|---|---|---|---|
| S&P 500 | 7,440.43 | 86.41 | +1.18% |
| Dow Jones Industrial Average | 52,182.74 | 306.63 | +0.59% |
| Nasdaq Composite | 25,820.14 | 522.52 | +2.07% |
| Russell 2000 | 3,010.42 | 0.34 | +0.01% |
Five-session context:
| Index | Jun 23 | Jun 24 | Jun 25 | Jun 26 | Jun 29 |
|---|---|---|---|---|---|
| S&P 500 | -1.44% | -0.10% | -0.01% | -0.05% | +1.18% |
| Dow Jones Industrial Average | -0.09% | +0.35% | +0.14% | -0.09% | +0.59% |
| Nasdaq Composite | -2.21% | -0.43% | -0.46% | -0.24% | +2.07% |
| Russell 2000 | -0.96% | +0.37% | +0.71% | +0.07% | +0.01% |
The move also snapped a rough five-session stretch for growth-heavy indexes. From June 23 through June 26, the Nasdaq Composite fell each day before rebounding 2.07% on June 29. The S&P 500 followed a similar pattern, slipping for four straight sessions before rising 1.18%. The Dow had been steadier across the same stretch, and the Russell 2000 had already stabilized, which made Monday’s gap in performance stand out.
Explore the full dashboard: Market snapshot.
Sector View: Leaders and Laggards
- Leaders: Consumer Discretionary (XLY +2.40%), Technology (XLK +2.37%), Communication Services (XLC +1.60%), Industrials (XLI +0.86%), Financials (XLF +0.28%)
- Laggards: Materials (XLB -1.82%), Real Estate (XLRE -0.71%), Energy (XLE -0.48%), Consumer Staples (XLP -0.40%), Utilities (XLU -0.39%)
Leadership came from Consumer Discretionary and Technology. XLY gained 2.4%, XLK rose 2.37%, and Communication Services added 1.6%. Industrials also finished higher, up 0.86%, while Financials were positive but muted at 0.28%. On the weak side, Materials fell 1.82%, Real Estate lost 0.71%, and Energy slipped 0.48%. That split points to a market favoring growth and cyclically sensitive winners over rate-sensitive and commodity-linked areas.
Explore the full dashboard: Sector performance.
Volatility: VIX and ETF Implied Volatility
| Metric | Jun 23 | Jun 24 | Jun 25 | Jun 26 | Jun 29 |
|---|---|---|---|---|---|
| VIX Level | 19.49 | 18.63 | 18.89 | 18.41 | 17.65 |
- SPY IV: 11.73% (Low)
- QQQ IV: 21.40% (Normal)
- IWM IV: 17.07% (Normal)
- DIA IV: 12.51% (Low)
Volatility eased as prices rose. The VIX closed at 17.65, down 4.13% from 18.41 on June 26 and below 19.49 from June 23. Options pricing also showed a calmer tone in some broad ETFs. SPY average implied volatility was 11.73%, labeled Low, and DIA was 12.51%, also Low. QQQ sat higher at 21.40%, while IWM was 17.07%, both labeled Normal.
Explore the full dashboard: Volatility.
Headlines Moving Markets
Recent macro releases still offer some context for the rebound. The BEA reported May personal income up $181.6 billion, or 0.7%, with disposable personal income also up 0.7% and personal consumption expenditures up 0.7%. The BEA’s third estimate showed first quarter 2026 real GDP rising at a 2.1% annual rate, up from 0.5% in the fourth quarter of 2025. On the policy side, the Federal Reserve’s annual bank stress test said large banks are well positioned to weather a severe recession and continue lending. In earnings context, several recent reports showed upside surprises, including MU at 25.11 versus a 21.4019 estimate, CRM at 3.88 versus 3.1482, and NVDA at 1.87 versus 1.7922.
- Personal Income and Outlays, May 2026
- GDP, (Third Estimate), Industries, Corporate Profits, State GDP, and State Personal Income, 1st Quarter 2026
- Federal Reserve issues FOMC statement
- Federal Reserve Board and Federal Open Market Committee release economic projections from the June 16-17 FOMC meeting
- Federal Reserve Board’s annual bank stress test confirms that large banks are well positioned to weather a severe recession and able to continue to lend to households and businesses
- Kalshi traders expect this week’s jobs report will disappoint Wall Street outlook
- Wall Street ends higher as US, Iran attacks ease; major tech-related shares jump - Reuters
- Chip stocks rebound, and Goldman racks up a series of M&A wins
- Asia shares choppy as South Korea chip push steadies sentiment; Iran truce in focus - Reuters
- Salesforce is on an AI buying spree, but Wall Street still has its doubts
- Why our cybersecurity stocks are soaring, plus Big Tech tries to rebound
- Stocks and oil prices rise with eyes on Iran; yen touches 40-year low vs dollar - Reuters
Technical Snapshot (SPY)
| Level | Jun 23 | Jun 24 | Jun 25 | Jun 26 | Jun 29 |
|---|---|---|---|---|---|
| 20-day SMA | 745.41 | 744.91 | 744.15 | 743.38 | 742.21 |
| 50-day SMA | 729.10 | 730.22 | 731.21 | 732.02 | 732.65 |
| 200-day SMA | 684.98 | 685.44 | 685.91 | 686.36 | 686.80 |
Near-term pivot structure, based on 2026-06-26:
- Resistance: 738.37 (R1), then 747.40 (R2)
- Pivot: 727.48
- Support: 718.45 (S1), then 707.56 (S2)
SPY’s reference levels remain useful after the bounce. Traditional pivot support and resistance sit at 727.48, 738.37, and 747.40, with S1 at 718.45 and S2 at 707.56. Fibonacci resistance levels are 735.09 and 739.79. The 20-day SMA is 742.21, with the 50-day at 732.65 and the 200-day at 686.80. With the S&P 500 closing strongly and SPY’s 20-day average near 742.21, the area between 738.37 and 747.40 looks like an important near-term zone.
Explore the full dashboard: Support & Resistance levels.
What to Watch Next
- Breadth follow-through after a session with 229 advancers and 273 decliners despite a 1.18% S&P 500 gain.
- Whether the Nasdaq Composite can build on its 2.07% rebound after four straight down days from June 23 through June 26.
- SPY near 742.21 on the 20-day SMA, then 747.40 on traditional R2.
- Watch if Russell 2000 strength improves from Monday’s flat 0.01% move.
- Volatility trend: VIX at 17.65, SPY implied volatility at 11.73%, QQQ at 21.40%.
- Sector rotation, especially if XLK at 185.41 and XLY at 117.12 keep leading while XLB at 50.66 and XLRE at 44.92 stay under pressure.
Bottom Line
Monday brought a clear upside move in the major averages, led by the Nasdaq Composite, but the internals were less convincing than the headlines. Participation above key moving averages stayed healthy and volatility cooled, yet negative advance-decline data and a flat Russell 2000 suggest this was still a selective rally rather than a fully broad one.
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.
Wes Dean
Co-Founder & Chief Technology Officer
Dean Financials
Wes brings over 25 years of IT industry experience combined with a lifelong passion for financial markets. An active stock market investor since high school, he developed the proprietary market breadth and volatility analysis systems that power Dean Financials' data dashboards. Wes's unique combination of software engineering expertise and deep market knowledge enables him to create sophisticated yet accessible tools for analyzing market conditions and making data-driven investment decisions.
Areas of Expertise:
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