S&P 500 down 0.51% — Market Pulse · Jul 16, 2026

U.S. stocks finished mixed beneath the surface on July 16. The S&P 500 fell 38.63 points, or 0.51%, to 7533.77, and the Nasdaq Composite dropped 387.28 points, or 1.47%, to 25881.95. The Dow Jones Industrial Average slipped 105.67 points, or 0.20%, to 52552.97, while the Russell 2000 was nearly flat, down 1.69 points, or 0.06%, to 2974.57.

Key Takeaways

• S&P 500 closed down 0.51% at 7,533.77.
• Market breadth finished with 370 advancers, 132 decliners, and a 2.803 advance/decline ratio.
• Consumer Staples led sectors at +2.80%, while Technology lagged at -2.24%.
• VIX ended at 16.73 in the latest five-session lookback.
• SPY’s first resistance is 756.79 and first support is 751.50.

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Market Breadth: Broad participation masked a tech-led index pullback

Metric	Jul 10	Jul 13	Jul 14	Jul 15	Jul 16
Advance/Decline Ratio	2.112	1.197	0.684	1.053	2.803
Advances	340	274	203	258	370
Declines	161	229	297	245	132
Advancing Volume	63.1%	49.3%	45.0%	57.6%	57.5%
Stocks Near 52-Week Highs	13	23	20	20	41
Stocks Near 52-Week Lows	2	2	6	4	2
% Above 20-Day MA	62.4%	62.8%	57.7%	52.7%	64.8%
% Above 50-Day MA	68.2%	65.8%	63.4%	62.0%	67.4%
% Above 200-Day MA	67.2%	67.6%	66.4%	66.8%	70.6%

Index losses did not tell the full story. Breadth was strong, with 370 advancers against 132 decliners, a 2.803 advance decline ratio, while 57.47% of volume traded in advancing stocks. Leadership also expanded, with 39 stocks near 52 week highs and just 1 near a 52 week low in the daily snapshot. Participation stayed constructive as 64.41% of stocks held above their 20 day moving average, 65.81% stayed above the 50 day, and 67.99% remained above the 200 day.

Explore the full dashboard: Market breadth.

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Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,533.77	-38.63	-0.51%
Dow Jones Industrial Average	52,552.97	-105.67	-0.20%
Nasdaq Composite	25,881.95	-387.28	-1.47%
Russell 2000	2,974.57	-1.69	-0.06%

Five-session context:

Index	Jul 10	Jul 13	Jul 14	Jul 15	Jul 16
S&P 500	+0.42%	-0.79%	+0.38%	+0.38%	-0.51%
Dow Jones Industrial Average	+0.29%	-0.26%	+0.02%	+0.29%	-0.20%
Nasdaq Composite	+0.29%	-1.55%	+0.90%	+0.62%	-1.47%
Russell 2000	-0.49%	-0.83%	+0.39%	+0.39%	-0.06%

The weakest tape showed up in growth-heavy benchmarks. The Nasdaq Composite fell 1.47% on the day, a much larger move than the S&P 500’s 0.51% decline and the Dow’s 0.20% slip. Small caps were steadier, with the Russell 2000 off just 0.06%. Over the last five sessions, the S&P 500 moved from 7575.39 to 7533.77, the Nasdaq from 26281.61 to 25881.95, the Dow from 52637.01 to 52552.97, and the Russell 2000 from 2977.81 to 2974.57.

Explore the full dashboard: Market snapshot.

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Sector View: Leaders and Laggards

• Leaders: Consumer Staples (XLP +2.80%), Health Care (XLV +2.22%), Real Estate (XLRE +2.02%), Energy (XLE +0.92%), Materials (XLB +0.77%)
• Laggards: Technology (XLK -2.24%), Communication Services (XLC -0.64%), Industrials (XLI +0.05%), Consumer Discretionary (XLY +0.29%), Financials (XLF +0.34%)

Sector rotation turned defensive. Consumer Staples led with XLP up 2.80%, followed by Health Care at 2.22% and Real Estate at 2.02%. Energy also gained 0.92%. Technology was the clear drag, with XLK down 2.24%, while Communication Services fell 0.64%. That mix helps explain how breadth improved even as the major indexes closed lower.

Explore the full dashboard: Sector performance.

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Volatility: VIX and ETF Implied Volatility

Metric	Jul 10	Jul 13	Jul 14	Jul 15	Jul 16
VIX Level	15.03	17.16	16.50	15.67	16.73

• SPY IV: 10.96% (Low)
• QQQ IV: 22.19% (Normal)
• IWM IV: 14.91% (Low)
• DIA IV: 11.40% (Low)

Volatility rose, but not to an extreme level. The VIX closed at 16.73, up from 15.67 the prior session and above 15.03 on July 10, though still below the 17.16 close from July 13. Options pricing also looked contained in several major ETFs, with SPY implied volatility at 10.96%, IWM at 14.91%, and DIA at 11.40%, all labeled Low. QQQ stood higher at 22.19%, in the Normal range.

Explore the full dashboard: Volatility.

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Headlines Moving Markets

The day came after an official PPI release, and the news flow stayed busy. Reuters reported earlier in the week that the S&P 500 and Nasdaq had ended higher on cool inflation data and solid bank earnings. On July 15, CNBC highlighted a coming Johnson & Johnson earnings report as a test of whether health care strength is more than a rotation trade. Reuters coverage also pointed to U.S.-Iran tensions and oil-related price concerns, which fit with Energy’s 0.92% gain and the market’s defensive tilt.

• SpaceX stock sinks below $135 IPO price for the first time
• Johnson & Johnson has a chance to show it’s more than just a rotation winner
• Lucid stock plunges after report that EV maker is considering bankruptcy, which company denies
• Indian shares edge higher as financials lead; U.S.-Iran tensions cap gains - Reuters
• Buffett says Trump’s pick of Kevin Warsh for Fed chair was ‘good choice’
• Warren Buffett on the market today: ‘It’s tough to find values when everybody is preferring gambling’
• S&P 500 and Nasdaq end higher on cool inflation data, solid bank earnings - Reuters
• Trump: Iran blockade reinstated, US to charge 20% on Strait of Hormuz cargo - Reuters
• White House weighs extending Jones Act waivers as Iran conflict raises price concerns - Reuters
• Most Gulf bourses retreat on US-Iran hostilities - Reuters
• Jim Cramer’s top 10 things to watch in the stock market Wednesday
• Jim Cramer sees more upside for Goldman and addresses Wells Fargo’s biggest question

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Technical Snapshot (SPY)

Level	Jul 10	Jul 13	Jul 14	Jul 15	Jul 16
20-day SMA	741.72	743.28	743.95	744.56	744.65
50-day SMA	738.96	739.86	740.65	741.35	742.08
200-day SMA	690.58	691.05	691.50	691.99	692.50

Near-term pivot structure, based on 2026-07-15:

• Resistance: 756.79 (R1), then 758.81 (R2)
• Pivot: 753.52
• Support: 751.50 (S1), then 748.23 (S2)

For SPY, the reference pivot is 753.52, with resistance at 756.79 and 758.81, and support at 751.50 and 748.23. Fibonacci levels place resistance at 755.54 and 756.79, with support at 751.50 and 750.25. Trend support still looks firm on a moving average basis, with the SPY 20 day SMA at 744.65, the 50 day at 742.08, and the 200 day at 692.50. Those averages have risen steadily over the last five sessions.

Explore the full dashboard: Support & Resistance levels.

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What to Watch Next

• Whether the strong 370 to 132 advance decline reading can keep improving after the S&P 500 fell 0.51%.
• Tech leadership test, especially after XLK dropped 2.24% and the Nasdaq Composite fell 1.47%.
• SPY around pivot 753.52, with 756.79 and 758.81 overhead, and 751.50 then 748.23 as nearby support.
• VIX behavior after closing at 16.73, up from 15.67 the day before.
• Health Care follow-through after XLV gained 2.22%, with Johnson & Johnson earnings still in focus.
• Watch if defensive groups like XLP at +2.80% and XLRE at +2.02% keep leading.

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Bottom Line

July 16 was a good reminder that index direction and market participation can diverge. Breadth improved sharply and defensive sectors gained ground, but a pronounced drop in Technology pulled the S&P 500 and Nasdaq lower. If broad participation holds while tech steadies, the tape could look more balanced in the sessions ahead.

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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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