S&P 500 down 0.48% — Market Pulse · Sep 9, 2026

U.S. stocks closed lower again on Sept. 9, with the Russell 2000 taking the biggest hit and market internals weakening further. The S&P 500 fell 37.16 points to 7636.36, the Dow dropped 405.41 to 52380.66, the Nasdaq Composite lost 168.07 to 26253.34, and the Russell 2000 slid 38.97 to 2921.23.

Key Takeaways

• S&P 500 closed down 0.48% at 7,636.36.
• Market breadth finished with 98 advancers, 405 decliners, and a 0.242 advance/decline ratio.
• Energy led sectors at +0.83%, while Industrials lagged at -1.51%.
• VIX ended at 16.46 in the latest five-session lookback.
• SPY’s first resistance is 768.78 and first support is 764.26.

---

Market Breadth: Breadth cracked as small caps led downside and volatility edged higher

Metric	Sep 2	Sep 3	Sep 4	Sep 8	Sep 9
Advance/Decline Ratio	1.498	2.131	0.549	0.410	0.242
Advances	301	341	178	146	98
Declines	201	160	324	356	405
Advancing Volume	66.4%	69.9%	42.3%	36.4%	22.0%
Stocks Near 52-Week Highs	13	12	4	5	6
Stocks Near 52-Week Lows	6	1	3	14	18
% Above 20-Day MA	38.0%	46.7%	36.4%	27.6%	22.1%
% Above 50-Day MA	48.1%	50.9%	47.7%	42.9%	37.8%
% Above 200-Day MA	66.2%	68.4%	66.8%	62.6%	59.4%

Breadth was notably weak. Advancers totaled 98 versus 405 decliners, for an advance-decline ratio of 0.242, while just 22% of volume flowed into rising stocks. Only 22.07% of stocks finished above their 20-day moving average, down from 46.72% on Sept. 3 and 27.63% on Sept. 8. The 50-day and 200-day participation readings also softened to 37.77% and 59.44%, respectively.

Explore the full dashboard: Market breadth.

---

Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,636.36	-37.16	-0.48%
Dow Jones Industrial Average	52,380.66	-405.41	-0.77%
Nasdaq Composite	26,253.34	-168.07	-0.64%
Russell 2000	2,921.23	-38.97	-1.32%

Five-session context:

Index	Sep 2	Sep 3	Sep 4	Sep 8	Sep 9
S&P 500	+0.46%	+1.06%	-0.38%	-0.58%	-0.48%
Dow Jones Industrial Average	+0.56%	+1.18%	-0.51%	-1.18%	-0.77%
Nasdaq Composite	+0.45%	+1.40%	-0.29%	-0.32%	-0.64%
Russell 2000	+1.13%	+0.51%	+0.25%	-0.52%	-1.32%

All four major indexes fell on the day, but small caps stood out on the downside. The Russell 2000 dropped 1.32%, worse than the Dow at -0.77%, the Nasdaq Composite at -0.64%, and the S&P 500 at -0.48%. Over the last five sessions, the tone has faded from the Sept. 3 bounce, with the S&P 500 closing at 7747.71 that day before slipping to 7636.36 by Sept. 9.

Explore the full dashboard: Market snapshot.

---

Sector View: Leaders and Laggards

• Leaders: Energy (XLE +0.83%), Technology (XLK 0.00%), Health Care (XLV -0.33%), Financials (XLF -0.42%), Communication Services (XLC -0.62%)
• Laggards: Industrials (XLI -1.51%), Consumer Discretionary (XLY -1.34%), Utilities (XLU -1.17%), Consumer Staples (XLP -1.15%), Real Estate (XLRE -1.12%)

Sector leadership was narrow. Energy rose 0.83% and Technology was flat at 0.00%, while Health Care fell only 0.33% and Financials slipped 0.42%. On the weak side, Industrials dropped 1.51%, Consumer Discretionary lost 1.34%, Utilities fell 1.17%, Consumer Staples gave up 1.15%, and Real Estate declined 1.12%.

Explore the full dashboard: Sector performance.

---

Volatility: VIX and ETF Implied Volatility

Metric	Sep 2	Sep 3	Sep 4	Sep 8	Sep 9
VIX Level	15.20	14.32	14.53	15.72	16.46

• SPY IV: 12.96% (Low)
• QQQ IV: 17.82% (Normal)
• IWM IV: 18.61% (Normal)
• DIA IV: 13.80% (Low)

Volatility picked up but did not reach extreme levels. The VIX closed at 16.46, up from 15.72 on Sept. 8, 14.53 on Sept. 4, and 14.32 on Sept. 3. ETF implied volatility still looked contained in places, with SPY at 12.96% and DIA at 13.80%, both labeled Low, while QQQ at 17.82% and IWM at 18.61% were labeled Normal.

Explore the full dashboard: Volatility.

---

Headlines Moving Markets

Recent macro releases point to a slower but still expanding backdrop. The BEA’s second estimate showed real GDP rising at a 1.5% annual rate in the second quarter, down from 2.1% in the first quarter. July personal income increased $115.1 billion, or 0.4%, while personal consumption expenditures rose $36.3 billion, or 0.2%. Trade data were softer, with the U.S. goods and services deficit widening from $71.2 billion in June to $88.6 billion in July.

• GDP (Second Estimate) and Corporate Profits, 2nd Quarter 2026
• Personal Income and Outlays, July 2026
• U.S. International Trade in Goods and Services, July 2026
• Minutes of the Board’s discount rate meetings on July 20 and July 29, 2026
• Wall Street dips as $100 oil, inflation worries weigh on investors - Reuters
• Federal Reserve issues FOMC statement
• Minutes of the Board’s discount rate meetings on June 8 and June 17, 2026
• Personal Income and Outlays, June 2026
• Personal Income and Outlays, May 2026
• Personal Income and Outlays, April 2026
• Personal Income and Outlays, January 2026
• Personal Income and Outlays, December 2025

---

Technical Snapshot (SPY)

Level	Sep 2	Sep 3	Sep 4	Sep 8	Sep 9
20-day SMA	769.16	768.93	769.16	769.01	768.66
50-day SMA	754.66	755.29	756.09	756.82	757.56
200-day SMA	708.25	708.74	709.27	709.82	710.38

Near-term pivot structure, based on 2026-09-08:

• Resistance: 768.78 (R1), then 771.49 (R2)
• Pivot: 766.97
• Support: 764.26 (S1), then 762.45 (S2)

For SPY, the reference pivot is 766.97, with support at 764.26 and 762.45, and resistance at 768.78 and 771.49. The 20-day simple moving average is 768.66, above the 50-day at 757.56 and the 200-day at 710.38. That leaves the near-term focus on whether price can reclaim the 20-day area or continues pressing toward nearby support.

Explore the full dashboard: Support & Resistance levels.

---

What to Watch Next

• Breadth first. Watch whether the 22.07% reading above the 20-day moving average can stabilize after the slide from 46.72% on Sept. 3.
• SPY around 764.26 to 762.45 support, especially if it stays below the 766.97 pivot and the 768.66 20-day average.
• Small caps after the Russell 2000 fell 1.32%, the sharpest decline among the major indexes.
• Volatility trend, with the VIX now at 16.46 after rising from 14.32 on Sept. 3.
• Energy leadership versus broader weakness, with XLE up 0.83% while XLI fell 1.51% and XLY lost 1.34%.

---

Bottom Line

The Sept. 9 decline looked more fragile under the surface than the headline index moves alone suggest. Index losses remained moderate, but sharply negative breadth, weaker small caps, and a rising VIX point to a market that may need better participation before tone improves.

---

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.