S&P 500 down 0.77% — Market Pulse · Sep 28, 2026

U.S. stocks gave back Friday’s rebound on September 28. The S&P 500 closed at 7683.69, down 59.72 points, or 0.77%, while the Nasdaq Composite fell 248.34 points, or 0.92%, to 26820.38. The Dow Jones Industrial Average lost 347.11 points, or 0.67%, to 51481.51, and the Russell 2000 slipped 19.64 points, or 0.69%, to 2817.91.

Key Takeaways

• S&P 500 closed down 0.77% at 7,683.69.
• Market breadth finished with 164 advancers, 335 decliners, and a 0.490 advance/decline ratio.
• Health Care led sectors at +0.33%, while Communication Services lagged at -1.58%.
• VIX ended at 16.07 in the latest five-session lookback.
• SPY’s first resistance is 773.64 and first support is 767.69.

---

Market Breadth: Broad selling returned as oil and yields weighed on risk appetite

Metric	Sep 22	Sep 23	Sep 24	Sep 25	Sep 28
Advance/Decline Ratio	0.984	0.512	0.540	1.913	0.490
Advances	249	170	176	329	164
Declines	253	332	326	172	335
Advancing Volume	48.8%	28.6%	41.8%	63.0%	30.2%
Stocks Near 52-Week Highs	9	6	7	5	9
Stocks Near 52-Week Lows	18	26	42	16	29
% Above 20-Day MA	27.8%	25.3%	25.5%	29.2%	28.8%
% Above 50-Day MA	29.0%	27.8%	24.9%	25.7%	23.9%
% Above 200-Day MA	47.5%	45.5%	43.5%	44.7%	43.1%

Under the surface, the session looked weaker than the index losses alone suggest. Decliners beat advancers 335 to 164, the advance-decline ratio was 0.49, and only 30.21% of volume flowed into rising stocks. Participation also stayed thin by trend measures, with 28.83% of stocks above their 20-day moving average, 23.86% above their 50-day, and 43.14% above their 200-day. Stocks near 52-week lows outnumbered those near highs, 27 to 9.

Explore the full dashboard: Market breadth.

---

Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,683.69	-59.72	-0.77%
Dow Jones Industrial Average	51,481.51	-347.11	-0.67%
Nasdaq Composite	26,820.38	-248.34	-0.92%
Russell 2000	2,817.91	-19.64	-0.69%

Five-session context:

Index	Sep 22	Sep 23	Sep 24	Sep 25	Sep 28
S&P 500	-0.00%	-0.75%	-0.02%	+0.51%	-0.77%
Dow Jones Industrial Average	-0.36%	-0.68%	-0.31%	+0.93%	-0.67%
Nasdaq Composite	+0.45%	-1.13%	+0.01%	+0.48%	-0.92%
Russell 2000	+0.51%	-1.77%	-0.11%	+0.07%	-0.69%

The one-day decline also capped a choppy five-session stretch. From September 22 to September 28, the S&P 500 moved from 7764.64 to 7683.69, the Nasdaq Composite fell from 27244.28 to 26820.38, the Dow slipped from 51863.69 to 51481.51, and the Russell 2000 dropped from 2889.92 to 2817.91. Friday’s bounce did not carry into Monday.

Explore the full dashboard: Market snapshot.

---

Sector View: Leaders and Laggards

• Leaders: Health Care (XLV +0.33%), Consumer Staples (XLP +0.27%), Energy (XLE +0.10%), Real Estate (XLRE -0.51%), Materials (XLB -0.66%)
• Laggards: Communication Services (XLC -1.58%), Consumer Discretionary (XLY -1.41%), Financials (XLF -1.19%), Industrials (XLI -0.97%), Technology (XLK -0.89%)

Leadership tilted defensive. Health Care rose 0.33%, Consumer Staples gained 0.27%, and Energy added 0.10%. On the weak side, Communication Services fell 1.58%, Consumer Discretionary dropped 1.41%, Financials lost 1.19%, Industrials gave up 0.97%, and Technology fell 0.89%. That mix points to a session where investors favored steadier groups over growth and economically sensitive areas.

Explore the full dashboard: Sector performance.

---

Volatility: VIX and ETF Implied Volatility

Metric	Sep 22	Sep 23	Sep 24	Sep 25	Sep 28
VIX Level	14.21	15.18	15.67	14.87	16.07

• SPY IV: 11.14% (Low)
• QQQ IV: 16.29% (Normal)
• IWM IV: 17.41% (Normal)
• DIA IV: 13.05% (Low)

Volatility picked up, but not to an extreme. The VIX closed at 16.07, up from 14.87 on September 25 and above 14.21 on September 22. In options pricing, SPY average implied volatility was 11.14%, labeled Low, while QQQ was 16.29% and IWM was 17.41%, both labeled Normal. DIA average implied volatility was 13.05%, also labeled Low.

Explore the full dashboard: Volatility.

---

Headlines Moving Markets

Reuters cited higher oil prices and Treasury yields as pressure points for stocks. Other Reuters coverage highlighted continued Middle East supply concern, oil settling slightly higher on supply worries, and a rebound in September Mideast oil exports as Saudi Arabia boosted shipments. In the macro backdrop, the BEA’s second estimate showed real GDP increased at an annual rate of 1.5% in the second quarter, down from 2.1% in the first quarter, while the U.S. current-account deficit widened by $33.4 billion to $246.0 billion in the second quarter.

• Stocks fall as higher oil prices, Treasury yields weigh - Reuters
• Mideast oil exports rebound in September as Saudi Arabia boosts shipments - Reuters
• Gold hits seven-week low as oil surge fuels rate hike bets - Reuters
• Oil prices settle slightly higher on supply worries as Trump rejects Iran proposal - Reuters
• Stocks fall; oil prices off highs amid renewed hopes for Middle East negotiations - Reuters
• Oil prices rise for second session on continued Middle East supply concern - Reuters
• GDP (Second Estimate) and Corporate Profits, 2nd Quarter 2026
• Personal Income and Outlays, July 2026
• U.S. International Transactions and Investment Position, 2nd Quarter 2026
• U.S. International Trade in Goods and Services, July 2026
• Federal Reserve issues FOMC statement
• Federal Reserve Board and Federal Open Market Committee release economic projections from the September 15-16 FOMC meeting

---

Technical Snapshot (SPY)

Level	Sep 22	Sep 23	Sep 24	Sep 25	Sep 28
20-day SMA	762.95	763.54	763.74	763.91	764.01
50-day SMA	758.26	758.78	759.14	759.43	759.88
200-day SMA	712.94	713.42	713.88	714.32	714.80

Near-term pivot structure, based on 2026-09-25:

• Resistance: 773.64 (R1), then 775.92 (R2)
• Pivot: 769.98
• Support: 767.69 (S1), then 764.03 (S2)

For SPY, the traditional pivot sits at 769.98, with support at 767.69 and 764.03, and resistance at 773.64 and 775.92. Fibonacci support levels are 767.71 and 766.30. The 20-day, 50-day, and 200-day simple moving averages are 764.01, 759.88, and 714.80. That leaves SPY near first support and still above all three moving averages, even as short-term momentum cooled.

Explore the full dashboard: Support & Resistance levels.

---

What to Watch Next

• SPY around 767.69 support and the 769.98 pivot after Monday’s drop.
• Whether breadth can improve from 164 advancers, 335 decliners, and 30.21% advancing volume.
• The VIX after its rise to 16.07 from 14.87.
• Defensive leadership versus weakness in XLC at 111.18, XLY at 109.00, XLF at 54.19, and XLK at 194.53.
• Institutional tone is mixed: options whale activity was bullish overall with a 2.47 call-put premium ratio, while stock whale activity was bearish overall with a 0.58 buy-sell ratio.
• Oil-linked sentiment, especially after Reuters reports tied stock weakness to higher oil prices and yields.

---

Bottom Line

Monday’s decline looked like more than a simple pause. Major indexes fell, breadth deteriorated sharply, volatility rose, and leadership shifted toward Health Care and Consumer Staples. Price is still holding above key SPY moving averages, but the market may need better participation to regain traction.

---

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.