S&P 500 down 0.30% — Market Pulse · Oct 29, 2026

U.S. equities split on Oct. 29. The S&P 500 slipped 0.3% to 7720.39, the Dow fell 0.25% to 52342.56, and the Nasdaq Composite dropped 1.38% to 26184.72, while the Russell 2000 climbed 1.01% to 2859.22.

Key Takeaways

• S&P 500 closed down 0.30% at 7,720.39.
• Market breadth finished with 406 advancers, 97 decliners, and a 4.186 advance/decline ratio.
• Health Care led sectors at +2.40%, while Communication Services lagged at -1.87%.
• VIX ended at 17.20 in the latest five-session lookback.
• SPY’s first resistance is 773.98 and first support is 769.92.

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Market Breadth: Broad participation offsets Nasdaq weakness as small caps and defensives lead

Metric	Oct 23	Oct 26	Oct 27	Oct 28	Oct 29
Advance/Decline Ratio	0.369	1.365	0.953	0.980	4.186
Advances	135	288	245	249	406
Declines	366	211	257	254	97
Advancing Volume	27.1%	55.0%	58.3%	49.5%	63.6%
Stocks Near 52-Week Highs	13	14	12	9	32
Stocks Near 52-Week Lows	5	1	7	5	0
% Above 20-Day MA	69.3%	71.0%	72.6%	69.0%	74.6%
% Above 50-Day MA	57.0%	58.1%	59.2%	57.3%	63.6%
% Above 200-Day MA	54.8%	56.1%	57.5%	56.1%	60.6%

Under the surface, participation was much stronger than the index mix suggested. Advancers beat decliners 406 to 97, for an advance-decline ratio of 4.186, and advancing volume reached 63.63%. That was a sharp turn from Oct. 28, when breadth was nearly even at 249 advancers and 254 decliners. Stocks near 52-week highs jumped to 32 from 9, while none screened near 52-week lows.

Explore the full dashboard: Market breadth.

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Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,720.39	-23.59	-0.30%
Dow Jones Industrial Average	52,342.56	-132.54	-0.25%
Nasdaq Composite	26,184.72	-365.13	-1.38%
Russell 2000	2,859.22	28.71	+1.01%

Five-session context:

Index	Oct 23	Oct 26	Oct 27	Oct 28	Oct 29
S&P 500	-0.52%	+0.70%	+0.60%	+0.28%	-0.30%
Dow Jones Industrial Average	-1.23%	+0.28%	+0.03%	+0.19%	-0.25%
Nasdaq Composite	-0.21%	+0.82%	+1.18%	+0.27%	-1.38%
Russell 2000	-0.29%	+0.38%	+1.16%	+0.41%	+1.01%

The session favored smaller companies and away-from-megacap leadership. Over the last five sessions, the S&P 500 rose from 7623.68 to 7720.39, the Nasdaq from 25955.34 to 26184.72, and the Russell 2000 from 2775.9 to 2859.22. Thursday stood out because that broader uptrend met a notable one-day drop in the Nasdaq while the Russell added to its recent strength.

Explore the full dashboard: Market snapshot.

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Sector View: Leaders and Laggards

• Leaders: Health Care (XLV +2.40%), Real Estate (XLRE +2.21%), Consumer Staples (XLP +1.54%), Utilities (XLU +1.53%), Financials (XLF +1.44%)
• Laggards: Communication Services (XLC -1.87%), Technology (XLK -1.18%), Energy (XLE +0.38%), Consumer Discretionary (XLY +0.75%), Industrials (XLI +0.97%)

Leadership tilted defensive. Health Care led with XLV up 2.4%, followed by Real Estate at 2.21%, Consumer Staples at 1.54%, Utilities at 1.53%, and Financials at 1.44%. Communication Services fell 1.87% and Technology lost 1.18%, which helps explain why the Nasdaq lagged despite strong breadth elsewhere.

Explore the full dashboard: Sector performance.

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Volatility: VIX and ETF Implied Volatility

Metric	Oct 23	Oct 26	Oct 27	Oct 28	Oct 29
VIX Level	19.45	18.39	17.52	16.91	17.20

• SPY IV: 12.33% (Low)
• QQQ IV: 22.93% (Normal)
• IWM IV: 17.69% (Normal)
• DIA IV: 13.90% (Low)

Volatility stayed fairly contained. The VIX closed at 17.2, up from 16.91 on Oct. 28 but still below 19.45 on Oct. 23. Options pricing also looked restrained in several major ETFs, with SPY implied volatility at 12.33% and DIA at 13.90%, both labeled Low. QQQ stood at 22.93% and IWM at 17.69%, both labeled Normal.

Explore the full dashboard: Volatility.

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Headlines Moving Markets

Two official macro releases helped frame the backdrop. Third-quarter real GDP rose at a 3.4% annual rate, up from 2.2% in the second quarter. September personal income increased $54.5 billion, or 0.2%, while personal consumption expenditures increased $113.1 billion, or 0.5%. The Federal Reserve also issued an FOMC statement on Oct. 28.

• GDP (Advance Estimate), 3rd Quarter 2026
• Personal Income and Outlays, September 2026
• Federal Reserve Board announces approval of application by The Bank of Nova Scotia
• Federal Reserve issues FOMC statement
• Personal Income and Outlays, July 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
• Arts and Cultural Production Satellite Account, U.S. and States, 2023
• Travel and Tourism Satellite Accounts, 3rd quarter 2017

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Technical Snapshot (SPY)

Level	Oct 23	Oct 26	Oct 27	Oct 28	Oct 29
20-day SMA	770.73	770.15	770.14	770.41	770.90
50-day SMA	767.21	766.89	766.70	766.68	766.82
200-day SMA	723.59	723.97	724.37	724.78	725.19

Near-term pivot structure, based on 2026-10-28:

• Resistance: 773.98 (R1), then 775.69 (R2)
• Pivot: 771.63
• Support: 769.92 (S1), then 767.57 (S2)

SPY technical levels remain close at hand. Using the Oct. 28 reference set, the pivot is 771.63, with resistance at 773.98 and 775.69, and support at 769.92 and 767.57. SPY’s moving averages continue to slope higher, with the 20-day at 770.9, the 50-day at 766.82, and the 200-day at 725.19. Broader participation also improved, with 74.55% of stocks above their 20-day average, 63.62% above the 50-day, and 60.64% above the 200-day.

Explore the full dashboard: Support & Resistance levels.

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What to Watch Next

• Whether strong breadth, 406 advancers versus 97 decliners, can keep improving if the Nasdaq remains under pressure.
• SPY around the 771.63 pivot, with 769.92 and 767.57 as nearby support and 773.98 as first resistance.
• Russell 2000 follow-through after its 1.01% gain and five-session rise from 2775.9 to 2859.22.
• Defensive leadership versus tech weakness, especially after XLV gained 2.4% while XLK fell 1.18%.
• GDP at 3.4% and September PCE up 0.5%, for clues on whether growth-sensitive groups rejoin the move.

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Bottom Line

Oct. 29 was a mixed index day but a stronger breadth day. The Nasdaq took the hit, yet small caps, defensives, and participation metrics improved meaningfully. That leaves the market with a healthier internal tone than the headline index returns alone would suggest.

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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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