S&P 500 up 1.58% — Market Pulse · Nov 4, 2026

U.S. equities staged a broad rebound on November 4. The Dow Jones Industrial Average climbed 1,569.40 points, or 3.03%, to 53,356.12, while the S&P 500 rose 1.58% to 7,688.62. The Nasdaq Composite added 1.44% to 25,736.51, and the Russell 2000 gained 1.58% to 2,856.95.

Key Takeaways

• S&P 500 closed up 1.58% at 7,688.62.
• Market breadth finished with 376 advancers, 127 decliners, and a 2.961 advance/decline ratio.
• Consumer Discretionary led sectors at +4.26%, while Energy lagged at -4.74%.
• VIX ended at 16.61 in the latest five-session lookback.
• SPY’s first resistance is 756.81 and first support is 752.19.

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Market Breadth: Broad rebound takes hold as volatility breaks lower and breadth improves

Metric	Oct 29	Oct 30	Nov 2	Nov 3	Nov 4
Advance/Decline Ratio	4.219	0.832	2.224	0.612	2.961
Advances	405	228	347	191	376
Declines	96	274	156	312	127
Advancing Volume	62.4%	33.4%	53.4%	50.2%	64.0%
Stocks Near 52-Week Highs	31	20	31	8	56
Stocks Near 52-Week Lows	0	0	1	1	0
% Above 20-Day MA	74.3%	68.6%	71.6%	70.6%	73.4%
% Above 50-Day MA	63.6%	59.1%	66.0%	64.4%	71.0%
% Above 200-Day MA	59.8%	56.3%	60.8%	59.1%	63.8%

Participation improved meaningfully from the prior session. Advancers beat decliners 376 to 127, for an advance-decline ratio of 2.961, and advancing volume reached 63.95%. Internal strength also firmed, with 73.36% of stocks above their 20-day moving average, 70.97% above the 50-day, and 63.82% above the 200-day. That was a clear turn from November 3, when decliners led 312 to 191.

Explore the full dashboard: Market breadth.

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Market Performance: Major Indexes

Index	Close	Change	% Change
S&P 500	7,688.62	119.70	+1.58%
Dow Jones Industrial Average	53,356.12	1,569.40	+3.03%
Nasdaq Composite	25,736.51	364.50	+1.44%
Russell 2000	2,856.95	44.50	+1.58%

Five-session context:

Index	Oct 29	Oct 30	Nov 2	Nov 3	Nov 4
S&P 500	-0.30%	-1.82%	-0.51%	+0.36%	+1.58%
Dow Jones Industrial Average	-0.25%	-1.09%	+0.41%	-0.38%	+3.03%
Nasdaq Composite	-1.38%	-2.86%	-1.07%	+0.83%	+1.44%
Russell 2000	+1.01%	-1.66%	-0.21%	+0.23%	+1.58%

The move helped repair part of the recent five-session damage. Even after Wednesday’s gain, the S&P 500 remained below its October 29 close of 7,720.39, and the Nasdaq Composite remained below 26,184.72 from the same date. The Dow stood out. Its 3.03% jump followed a mixed four-session run and easily outpaced the S&P 500, Nasdaq Composite, and Russell 2000 on the day.

Explore the full dashboard: Market snapshot.

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Sector View: Leaders and Laggards

• Leaders: Consumer Discretionary (XLY +4.26%), Financials (XLF +3.51%), Communication Services (XLC +3.47%), Consumer Staples (XLP +3.36%), Real Estate (XLRE +3.32%)
• Laggards: Energy (XLE -4.74%), Industrials (XLI -1.09%), Technology (XLK -0.01%), Utilities (XLU +0.44%), Materials (XLB +2.49%)

Leadership broadened beyond a single pocket of the tape. Consumer Discretionary led with XLY up 4.26%, followed by Financials at 3.51%, Communication Services at 3.47%, Consumer Staples at 3.36%, and Real Estate at 3.32%. The main weak spot was Energy, with XLE down 4.74%. Industrials slipped 1.09%, while Technology was nearly flat at negative 0.01%.

Explore the full dashboard: Sector performance.

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Volatility: VIX and ETF Implied Volatility

Metric	Oct 29	Oct 30	Nov 2	Nov 3	Nov 4
VIX Level	17.20	19.42	21.15	20.83	16.61

• SPY IV: 12.98% (Low)
• QQQ IV: 22.60% (Normal)
• IWM IV: 16.39% (Normal)
• DIA IV: 13.71% (Low)

Risk gauges cooled quickly. The CBOE Volatility Index fell to 16.61 from 20.83 on November 3, a one-day drop of 20.26%. Over the past five sessions, VIX had risen as high as 21.15 on November 2, so Wednesday’s move marked a notable reset. Options pricing also looked contained in several index ETFs, with SPY implied volatility at 12.98% and DIA at 13.71%, both labeled Low, while QQQ at 22.60% and IWM at 16.39% were labeled Normal.

Explore the full dashboard: Volatility.

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Headlines Moving Markets

Several developments framed the session. Reuters coverage pointed to a rally after Democrats won Congress and to expectations for fewer policy shocks under divided Washington. In macro data, the U.S. goods and services trade deficit narrowed to $105.0 billion in September from a revised $105.7 billion in August. Recent growth data also showed real GDP rising at an annual rate of 3.4% in the third quarter, up from 2.2% in the second quarter. In positioning data, options whale activity was bullish overall with a 1.77 call-put premium ratio, and stock whale flows were also bullish with a 1.74 buy-sell ratio, although stock whale sector sentiment in Information Technology was bearish.

• Wall Street rallies after Democrats win Congress; data center stocks slide - Reuters
• Markets cheer Democratic win, betting divided Washington means fewer policy shocks - Reuters
• Republicans call for Trump to change course after midterm drubbing - Reuters
• Explainer: How the Democratic sweep could change US energy policy - Reuters
• Oil slumps after midterm election rebuke to Trump raises bets on Iran war exit - Reuters
• Netanyahu rivals seize on Democrats’ sweep of US Congress, seeking his ouster - Reuters
• Trump raises doubts about renewed attacks on Iran - Reuters
• Oil prices ease to settle near 4-week low on hopes peace talks will end wars - Reuters
• Federal Reserve issues FOMC statement
• U.S. International Trade in Goods and Services, September 2026
• GDP (Advance Estimate), 3rd Quarter 2026
• Personal Income and Outlays, September 2026

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Technical Snapshot (SPY)

Level	Oct 29	Oct 30	Nov 2	Nov 3	Nov 4
20-day SMA	770.90	771.17	770.48	769.33	768.09
50-day SMA	766.82	766.86	766.76	766.53	766.39
200-day SMA	725.19	725.60	725.95	726.27	726.62

Near-term pivot structure, based on 2026-11-03:

• Resistance: 756.81 (R1), then 759.25 (R2)
• Pivot: 754.63
• Support: 752.19 (S1), then 750.01 (S2)

SPY trend levels suggest price is sitting close to important reference zones. The 20-day simple moving average was 768.09, the 50-day was 766.39, and the 200-day was 726.62, showing the short and intermediate trend lines clustered tightly near current levels. For pivots based on the November 3 reference date, SPY traditional pivot support sat at 752.19 and 750.01, while resistance stood at 756.81 and 759.25.

Explore the full dashboard: Support & Resistance levels.

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What to Watch Next

• Whether the strong breadth reading, 376 advancers versus 127 decliners, holds after one session.
• VIX after the sharp drop to 16.61 from 20.83 the prior day.
• SPY around its 20-day SMA of 768.09 and 50-day SMA of 766.39.
• Energy weakness. XLE fell 4.74% even as most major indexes rose strongly.
• Whale positioning split. Broad options and stock flows were bullish overall, but stock whale sentiment in Information Technology was bearish.

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Bottom Line

Wednesday’s session looked healthier than the selective rebound seen a day earlier. The Dow’s 3.03% surge, stronger breadth, and a VIX retreat to 16.61 pointed to improving risk appetite, though Energy weakness and mixed recent five-session index trends suggest traders may still want to see follow-through.

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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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