S&P 500 down 1.21% — Market Pulse · Jul 23, 2026

Stocks lost ground on July 23, and the pressure was heaviest in growth-heavy areas. The S&P 500 closed at 7408.30, down 90.66 points or 1.21%, while the Nasdaq Composite fell 553.21 points, or 2.15%, to 25137.69.

Key Takeaways

• S&P 500 closed down 1.21% at 7,408.30.
• Market breadth finished with 213 advancers, 290 decliners, and a 0.734 advance/decline ratio.
• Industrials led sectors at +1.73%, while Consumer Discretionary lagged at -4.61%.
• VIX ended at 18.78 in the latest five-session lookback.
• SPY’s first resistance is 749.53 and first support is 745.94.

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Market Breadth: Tech-led selloff meets defensive rotation as volatility jumps

Metric	Jul 17	Jul 20	Jul 21	Jul 22	Jul 23
Advance/Decline Ratio	0.413	0.490	0.845	0.972	0.734
Advances	147	165	229	246	213
Declines	356	337	271	253	290
Advancing Volume	23.0%	40.9%	59.7%	54.1%	28.3%
Stocks Near 52-Week Highs	20	7	12	14	9
Stocks Near 52-Week Lows	1	2	4	3	8
% Above 20-Day MA	58.5%	52.9%	50.1%	46.1%	43.9%
% Above 50-Day MA	64.2%	62.0%	59.8%	63.0%	59.4%
% Above 200-Day MA	68.6%	66.2%	65.4%	66.2%	65.2%

The internals were softer than the headline decline alone suggests. Advancers trailed decliners 213 to 290, the advance-decline ratio fell to 0.734, and just 28.28% of volume went into rising stocks. Participation also cooled, with 43.34% of stocks above their 20 day moving average, 57.65% above the 50 day, and 62.82% 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	7,408.30	-90.66	-1.21%
Dow Jones Industrial Average	51,711.65	-506.93	-0.97%
Nasdaq Composite	25,137.69	-553.21	-2.15%
Russell 2000	2,940.16	-19.78	-0.67%

Five-session context:

Index	Jul 17	Jul 20	Jul 21	Jul 22	Jul 23
S&P 500	-1.01%	-0.19%	+0.89%	-0.14%	-1.21%
Dow Jones Industrial Average	-0.77%	-0.59%	+0.74%	-0.01%	-0.97%
Nasdaq Composite	-1.40%	-0.05%	+1.29%	-0.57%	-2.15%
Russell 2000	-0.42%	-0.67%	+1.53%	-0.92%	-0.67%

All four major indexes closed lower. The Dow Jones Industrial Average fell 506.93 points, or 0.97%, to 51711.65. The Russell 2000 held up better, down 19.78 points, or 0.67%, to 2940.16, but it also finished in the red.

Explore the full dashboard: Market snapshot.

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Sector View: Leaders and Laggards

• Leaders: Industrials (XLI +1.73%), Health Care (XLV +1.26%), Utilities (XLU +0.57%), Energy (XLE +0.30%), Real Estate (XLRE -0.13%)
• Laggards: Consumer Discretionary (XLY -4.61%), Communication Services (XLC -3.50%), Consumer Staples (XLP -1.39%), Materials (XLB -1.04%), Technology (XLK -1.01%)

Leadership turned defensive. Industrials rose 1.73%, Health Care gained 1.26%, Utilities added 0.57%, and Energy edged up 0.30%. Consumer Discretionary was the clear laggard, down 4.61%, followed by Communication Services at -3.50% and Technology at -1.01%.

Explore the full dashboard: Sector performance.

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Volatility: VIX and ETF Implied Volatility

Metric	Jul 17	Jul 20	Jul 21	Jul 22	Jul 23
VIX Level	18.77	18.65	17.05	16.64	18.78

• SPY IV: 15.52% (Normal)
• QQQ IV: 27.59% (Elevated)
• IWM IV: 20.00% (Normal)
• DIA IV: 14.84% (Low)

Volatility picked up after sitting near calmer levels earlier in the week. The VIX closed at 18.79, up from 16.64 on July 22, and the five-session lookback shows a 12.86% daily jump on July 23. In options pricing, SPY implied volatility averaged 15.52%, tagged Normal, while QQQ stood at 27.59%, marked Elevated.

Explore the full dashboard: Volatility.

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Headlines Moving Markets

The macro backdrop still points to steady growth rather than contraction. BEA data in the supplied catalyst set showed May personal income up 0.7%, disposable personal income up 0.7%, and personal consumption expenditures up 0.7%. The same release set showed first-quarter 2026 real GDP growing at a 2.1% annual rate. Positioning data was mixed: options whale activity was bullish with a 1.73 call-put premium ratio, while stock whale activity was bearish with a 0.43 buy-sell ratio.

• Personal Income and Outlays, May 2026
• GDP, (Third Estimate), Industries, Corporate Profits, State GDP, and State Personal Income, 1st Quarter 2026
• Personal Income and Outlays, April 2026
• Personal Income and Outlays, January 2026
• Personal Income and Outlays, December 2025
• Arts and Cultural Production Satellite Account, U.S. and States, 2023
• Travel and Tourism Satellite Accounts, 3rd quarter 2017
• Minutes of the Board’s discount rate meetings on June 8 and June 17, 2026
• Federal Reserve issues FOMC statement
• Federal Reserve Board and Federal Open Market Committee release economic projections from the June 16-17 FOMC meeting
• Outdoor Recreation Economic Statistics, U.S. and States, 2024
• Real Personal Consumption Expenditures by State and Real Personal Income by State, 2024

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Technical Snapshot (SPY)

Level	Jul 17	Jul 20	Jul 21	Jul 22	Jul 23
20-day SMA	744.77	744.97	744.74	744.94	745.63
50-day SMA	742.77	743.20	743.40	743.77	744.01
200-day SMA	692.97	693.40	693.80	694.23	694.65

Near-term pivot structure, based on 2026-07-22:

• Resistance: 749.53 (R1), then 751.57 (R2)
• Pivot: 747.98
• Support: 745.94 (S1), then 744.39 (S2)

SPY reference levels from July 22 frame the near-term map. The traditional pivot sits at 747.98, with support at 745.94 and 744.39, and resistance at 749.53 and 751.57. The moving averages still slope above longer-term trend support, with the SPY 20 day at 745.63, the 50 day at 744.01, and the 200 day at 694.65.

Explore the full dashboard: Support & Resistance levels.

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What to Watch Next

• Breadth first. Watch whether advancing volume can recover from 28.28% and whether the advance-decline ratio improves from 0.734.
• SPY around the 747.98 pivot, especially the 745.94 to 744.39 support band versus 749.53 and 751.57 overhead.
• Nasdaq sensitivity if QQQ implied volatility stays elevated at 27.59% while SPY remains at 15.52%.
• Defensive leadership durability after XLI gained 1.73% and XLV rose 1.26% even as XLY dropped 4.61%.
• A VIX follow-through above 18.78 would suggest stress is broadening after the jump from 16.64 the prior session.

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Bottom Line

July 23 was a clear risk-off session, led by a 2.15% drop in the Nasdaq and supported by weak breadth and a jump in volatility. Even so, longer-term participation measures remain above 50% on the 50 day and above 60% on the 200 day, which leaves the market looking pressured in the short run but not fully broken in the bigger picture.

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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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