S&P 500 down 0.31% — Market Pulse · Jul 8, 2026

Stocks finished mixed on July 8, with the Nasdaq Composite adding 22.17 points, or 0.09%, to 25840.86 while the S&P 500 fell 23.10 points, or 0.31%, to 7480.75. The Dow Jones Industrial Average dropped 571.92 points, or 1.08%, to 52353.23, and the Russell 2000 lost 30.62 points, or 1.03%, to 2951.87.

Key Takeaways

• S&P 500 closed down 0.31% at 7,480.75.
• Market breadth finished with 108 advancers, 394 decliners, and a 0.274 advance/decline ratio.
• Energy led sectors at +1.56%, while Materials lagged at -2.47%.
• VIX ended at 16.81 in the latest five-session lookback.
• SPY’s first resistance is 750.71 and first support is 745.05.

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Market Breadth: Narrow leadership masked a broad risk-off session as the Nasdaq held green

Metric	Jul 1	Jul 2	Jul 6	Jul 7	Jul 8
Advance/Decline Ratio	1.466	2.462	0.786	1.313	0.274
Advances	299	357	220	285	108
Declines	204	145	280	217	394
Advancing Volume	50.4%	58.7%	48.4%	55.2%	34.5%
Stocks Near 52-Week Highs	25	51	30	19	4
Stocks Near 52-Week Lows	2	0	0	0	1
% Above 20-Day MA	64.2%	68.0%	67.8%	66.8%	58.1%
% Above 50-Day MA	63.4%	67.0%	68.4%	67.6%	63.2%
% Above 200-Day MA	63.4%	67.0%	66.8%	67.4%	64.6%

Under the surface, the session was weaker than the S&P 500 headline suggests. Breadth came in at 105 advancers against 395 decliners, with an advance-decline ratio of 0.266 and just 33.82% of volume in advancing names. That marks a clear deterioration from July 7, when breadth was positive at 285 advancers and 217 decliners. Even so, 57.85% of stocks remained above their 20-day moving average, 61.43% stayed above the 50-day, and 62.82% held above the 200-day, so participation weakened but did not fully break down.

Explore the full dashboard: Market breadth.

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Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,480.75	-23.10	-0.31%
Dow Jones Industrial Average	52,353.23	-571.92	-1.08%
Nasdaq Composite	25,840.86	22.17	+0.09%
Russell 2000	2,951.87	-30.62	-1.03%

Five-session context:

Index	Jul 1	Jul 2	Jul 6	Jul 7	Jul 8
S&P 500	-0.22%	0.00%	+0.72%	-0.45%	-0.31%
Dow Jones Industrial Average	-0.03%	+1.14%	+0.29%	-0.25%	-1.08%
Nasdaq Composite	-0.66%	-0.80%	+1.12%	-1.16%	+0.09%
Russell 2000	-0.39%	-0.55%	+0.45%	-0.90%	-1.03%

Performance was uneven across the major indexes. The Nasdaq Composite was the lone gainer on the day, while the Dow and Russell 2000 both fell more than 1%, pointing to pressure in cyclicals and smaller companies. Over the last five sessions, the S&P 500 moved from 7483.23 on July 1 to 7480.75 on July 8, the Dow rose from 52305.24 to 52353.23, the Nasdaq fell from 26040.03 to 25840.86, and the Russell 2000 dropped from 3012.59 to 2951.87.

Explore the full dashboard: Market snapshot.

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Sector View: Leaders and Laggards

• Leaders: Energy (XLE +1.56%), Technology (XLK +1.11%), Consumer Staples (XLP -0.34%), Utilities (XLU -0.77%), Industrials (XLI -1.10%)
• Laggards: Materials (XLB -2.47%), Financials (XLF -1.82%), Consumer Discretionary (XLY -1.73%), Real Estate (XLRE -1.69%), Communication Services (XLC -1.35%)

Leadership narrowed. Energy led with XLE up 1.56% to 55.49, and Technology followed with XLK up 1.11% to 181.16. On the weak side, Materials fell the most as XLB dropped 2.47% to 50.24, followed by Financials, down 1.82% to 55.03, and Consumer Discretionary, down 1.73% to 115.36. Consumer Staples held up relatively well at -0.34%, while Utilities lost 0.77%.

Explore the full dashboard: Sector performance.

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Volatility: VIX and ETF Implied Volatility

Metric	Jul 1	Jul 2	Jul 6	Jul 7	Jul 8
VIX Level	16.59	16.15	15.57	16.13	16.81

• SPY IV: 11.63% (Low)
• QQQ IV: 21.52% (Normal)
• IWM IV: 18.79% (Normal)
• DIA IV: 12.02% (Low)

Volatility picked up, but not to an extreme. The VIX closed at 16.82, up from 16.13 on July 7 and 15.57 on July 6. That move fits the weaker breadth and the pullback in the Dow and Russell 2000. Even so, implied volatility across major ETFs stayed mostly contained, with SPY at 11.63% and DIA at 12.02%, both labeled Low, while QQQ at 21.52% and IWM at 18.79% were labeled Normal.

Explore the full dashboard: Volatility.

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Headlines Moving Markets

Headline risk appeared to matter. Reuters coverage tied the S&P 500’s decline to comments that the Iran deal is “over,” while another Reuters item said Trump does not think the Iran conflict will start again. CNBC also highlighted that Fed meeting minutes could show a “family fight” over rates. Taken together, the news flow pointed to a market balancing geopolitical tension against rate uncertainty.

• S&P 500 ends down after Trump says Iran deal is ‘over’ - Reuters
• Trump says he doesn’t think Iran conflict will start again - Reuters
• Trump on Iran: US will probably hit them again Wednesday night - Reuters
• Eight Iranian army members killed in U.S. attacks on southern parts of Iran - Reuters
• Rupee slumps to one-month low as oil soars after Trump says Iran deal is ‘over’ - Reuters
• Gold drifts lower after Trump says deal with Iran is ‘over’ - Reuters
• Jim Cramer’s top 10 things to watch in the stock market Wednesday
• Qatari LNG tanker awaits salvage off Oman after projectile strike - Reuters
• VIEW Stocks, bonds retreat after Trump says Iran MOU ‘is over’ - Reuters
• Trump orders halt to US trade with Spain over NATO spending, Iran - Reuters
• UK and the Netherlands sign new $3.2 billion maritime partnership - Reuters
• Fed meeting minutes to show ‘family fight’ over rates. The squabble could drag on for a while

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Technical Snapshot (SPY)

Level	Jul 1	Jul 2	Jul 6	Jul 7	Jul 8
20-day SMA	741.04	740.45	740.08	739.89	740.50
50-day SMA	734.24	735.01	735.87	736.71	737.53
200-day SMA	687.76	688.23	688.69	689.18	689.66

Near-term pivot structure, based on 2026-07-07:

• Resistance: 750.71 (R1), then 753.66 (R2)
• Pivot: 747.99
• Support: 745.05 (S1), then 742.33 (S2)

For SPY, the reference pivot is 747.99. Traditional support sits at 745.05, then 742.33, while resistance is 750.71 and 753.66. The moving average backdrop still leans constructive, with the 20-day SMA at 740.50, the 50-day at 737.53, and the 200-day at 689.66. Those averages have continued to trend higher over the last five sessions, even as price action turned choppier.

Explore the full dashboard: Support & Resistance levels.

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What to Watch Next

• Whether the S&P 500 can stabilize near 7480.75 while SPY holds the 747.99 pivot and 745.05 support.
• Breadth follow-through after only 105 advancers versus 395 decliners and about one-third of volume in rising stocks.
• VIX behavior after the move to 16.82 from 15.57 two sessions earlier.
• Leadership test: can XLE at 55.49 and XLK at 181.16 keep carrying while XLB and XLF remain under pressure?
• Fed minutes and Iran-related headlines, both of which shaped the tone on July 8.

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Bottom Line

July 8 was a mixed close with a cautious undertone. The Nasdaq’s small gain masked weak breadth, a firmer VIX, and notable pressure in the Dow, small caps, Materials, and Financials. The broader trend above key moving averages is still intact, but the next session will likely hinge on whether participation rebounds or narrow leadership keeps doing the work.

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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.

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