S&P 500 up 0.51% — Market Pulse · Sep 25, 2026

U.S. stocks finished higher on September 25, with the S&P 500 rising 39.28 points to 7743.41, the Dow adding 478.64 points to 51828.62, and the Nasdaq Composite gaining 129.35 points to 27068.72. The Russell 2000 lagged, up just 1.98 points to 2837.55. It was a better day on the surface than underneath.

Key Takeaways

• S&P 500 closed up 0.51% at 7,743.41.
• Market breadth finished with 329 advancers, 172 decliners, and a 1.913 advance/decline ratio.
• Industrials led sectors at +0.95%, while Communication Services lagged at -0.90%.
• VIX ended at 14.87 in the latest five-session lookback.
• SPY’s first resistance is 769.74 and first support is 764.04.

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Market Breadth: Broad rebound lifts major indexes, but participation still looks thin

Metric	Sep 21	Sep 22	Sep 23	Sep 24	Sep 25
Advance/Decline Ratio	1.397	0.984	0.512	0.540	1.913
Advances	292	249	170	176	329
Declines	209	253	332	326	172
Advancing Volume	70.6%	48.8%	28.6%	41.8%	63.0%
Stocks Near 52-Week Highs	7	10	7	7	5
Stocks Near 52-Week Lows	11	12	21	35	14
% Above 20-Day MA	26.6%	29.2%	26.6%	26.8%	30.2%
% Above 50-Day MA	31.2%	31.4%	29.2%	26.2%	27.4%
% Above 200-Day MA	52.7%	50.9%	49.7%	47.5%	48.9%

Breadth improved sharply from the prior session. Advancers beat decliners 329 to 172, for an advance-decline ratio of 1.913, and advancing volume reached 63.03%. That said, only 30.22% of stocks were above their 20-day moving average, 27.44% were above their 50-day, and 48.91% were above their 200-day. Stocks near 52-week lows, 13, still outnumbered those near highs, 5.

Explore the full dashboard: Market breadth.

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Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,743.41	39.28	+0.51%
Dow Jones Industrial Average	51,828.62	478.64	+0.93%
Nasdaq Composite	27,068.72	129.35	+0.48%
Russell 2000	2,837.55	1.98	+0.07%

Five-session context:

Index	Sep 21	Sep 22	Sep 23	Sep 24	Sep 25
S&P 500	+1.49%	-0.00%	-0.75%	-0.02%	+0.51%
Dow Jones Industrial Average	+0.71%	-0.36%	-0.68%	-0.31%	+0.93%
Nasdaq Composite	+2.26%	+0.45%	-1.13%	+0.01%	+0.48%
Russell 2000	+0.52%	+0.51%	-1.77%	-0.11%	+0.07%

The Dow led with a 0.93% gain, while the S&P 500 rose 0.51% and the Nasdaq added 0.48%. Small caps were notably quieter, with the Russell 2000 up just 0.07%. Over the past five sessions, the tape has been choppy: the S&P 500 fell on September 23 and September 24 before rebounding, while the Nasdaq followed a similar pattern after a strong 2.26% jump on September 21.

Explore the full dashboard: Market snapshot.

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Sector View: Leaders and Laggards

• Leaders: Industrials (XLI +0.95%), Technology (XLK +0.80%), Financials (XLF +0.57%), Health Care (XLV +0.49%), Consumer Staples (XLP +0.44%)
• Laggards: Communication Services (XLC -0.90%), Energy (XLE -0.89%), Real Estate (XLRE -0.22%), Consumer Discretionary (XLY +0.22%), Materials (XLB +0.24%)

Leadership came from Industrials, up 0.95%, followed by Technology at 0.80% and Financials at 0.57%. Health Care rose 0.49% and Consumer Staples added 0.44%. On the weak side, Communication Services fell 0.90% and Energy dropped 0.89%, while Real Estate slipped 0.22%. That mix helps explain why the Dow outperformed and why small caps could not build much momentum.

Explore the full dashboard: Sector performance.

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Volatility: VIX and ETF Implied Volatility

Metric	Sep 21	Sep 22	Sep 23	Sep 24	Sep 25
VIX Level	14.87	14.21	15.18	15.67	14.87

• SPY IV: 10.72% (Low)
• QQQ IV: 16.21% (Normal)
• IWM IV: 16.78% (Normal)
• DIA IV: 11.52% (Low)

Volatility cooled after two higher readings. The VIX closed at 14.87, down from 15.67 on September 24 and matching its September 21 close. Implied volatility across major ETFs stayed contained: SPY averaged 10.72%, DIA 11.52%, both labeled Low, while QQQ at 16.21% and IWM at 16.78% were labeled Normal.

Explore the full dashboard: Volatility.

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Headlines Moving Markets

The catalyst backdrop included an official release day for PCE, according to the market package, alongside Federal Reserve actions and market headlines tied to Iran and oil. Reuters reported oil prices slid about 2% as the U.S. and Iran explored a path out of war. In cross-asset positioning, options whale activity leaned bullish with $141313308 in call premium versus $86734857 in put premium, a 1.63 call-put ratio, while stock whale activity also skewed bullish with a buy-sell ratio of 1.15 and net value of 9787062656.278336.

• Oil prices slide about 2% as US, Iran explore path out of war - Reuters
• Federal Reserve Board announces approval of application by Peoples Bancorp Inc.
• Federal Reserve Board requests public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act
• Federal Reserve Board issues enforcement action with former employee of Sandy Spring Bank
• Personal Income and Outlays, July 2026
• Personal Income and Outlays, June 2026
• Personal Income and Outlays, May 2026
• Personal Income and Outlays, April 2026
• GDP (Second Estimate) and Corporate Profits, 2nd Quarter 2026
• U.S. International Transactions and Investment Position, 2nd Quarter 2026
• Iran will make no nuclear concessions, Iranian official says - Reuters
• Iran’s Araqchi says now up to US to accept 7-day plan - Reuters

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Technical Snapshot (SPY)

Level	Sep 21	Sep 22	Sep 23	Sep 24	Sep 25
20-day SMA	762.46	762.95	763.54	763.74	763.91
50-day SMA	757.85	758.26	758.78	759.14	759.43
200-day SMA	712.44	712.94	713.42	713.88	714.32

Near-term pivot structure, based on 2026-09-24:

• Resistance: 769.74 (R1), then 772.19 (R2)
• Pivot: 766.49
• Support: 764.04 (S1), then 760.80 (S2)

For SPY, the reference pivot is 766.49, with traditional resistance at 769.74 and 772.19, and support at 764.04 and 760.80. The 20-day, 50-day, and 200-day simple moving averages sit at 763.91, 759.43, and 714.32, respectively. Those trend gauges have continued to rise over the last five sessions, which suggests the index-level trend remains firm even as broader participation lags.

Explore the full dashboard: Support & Resistance levels.

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What to Watch Next

• Breadth follow-through after the jump to 329 advancers and 63.03% advancing volume.
• Whether the Russell 2000 can improve on its 0.07% gain and start matching the Dow’s 0.93% strength.
• SPY around 766.49, especially resistance at 769.74 and 772.19.
• VIX behavior after dropping from 15.67 to 14.87 in one session.
• Communication Services at 112.96 and Energy at 62.04, the two weakest sector ETFs on the day.

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Bottom Line

Friday’s rebound repaired some short-term damage after weak internals on September 24, and lower volatility helped. Still, with only 30.22% of stocks above their 20-day moving average and just 27.44% above their 50-day, the market’s footing looks better at the index level than across the full list of stocks.

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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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