NEW YORK, July 20, 2026, 19:24 (EDT)
- SPY ended the session at $742.09, slipping 0.16%, following a 1.5% drop the previous week.
- Equal-weight and small-cap ETFs saw steeper declines, highlighting narrower market breadth.
- Wednesday’s two reporters account for 7.39% of SPY’s holdings as of July 17.
The SPDR S&P 500 ETF Trust NYSEARCA:SPY ended Monday’s session down 0.16% at $742.09. U.S. cash markets had closed as of the dateline.
The slight drop in the index masked a steeper pullback below the surface. The S&P 500 Equal Weight ETF NYSEARCA:RSP slipped roughly 0.5%. The Russell 2000 ETF NYSEARCA:IWM declined about 0.6%.
The Nasdaq-100 ETF NASDAQ:QQQ rose approximately 0.1%. SPY outperformed the equal weight by close to 30 basis points.
| Fund | Monday close | Monday move |
|---|---|---|
| SPDR S&P 500 ETF Trust | $742.09 | down 0.2% |
| S&P 500 Equal Weight ETF | $212.42 | fell 0.5% |
| Nasdaq-100 tracker | $696.06 | up 0.1% |
| Russell 2000 ETF | $292.31 | lost 0.6% |
Displayed are regular-session prices, with percentage changes rounded.
The gap stands out as the most distinct near-term signal for investors. Major holdings continue to provide support for SPY even as the typical stock loses strength.
SPY declined by 1.5% over the week of July 13-17. The closing price moved down from $754.95 on July 10 to $743.29 by Friday.
Chip sector declines contributed significantly to last week’s pullback. The Philadelphia semiconductor index closed on Friday down 20.2% from its June 22 high. The index regained just 0.6% in Monday’s trading session.
Index activity on Monday stayed focused. Apple NASDAQ:AAPL, accounting for 7.64% of the index, dropped 2%, posing the greatest weight on the S&P 500. Microsoft NASDAQ:MSFT, with a 4.56% weighting, provided the biggest lift.
Shares of Alphabet (NASDAQ:GOOGL; NASDAQ:GOOG) climbed 1.5% ahead of Wednesday’s earnings. Alongside Tesla NASDAQ:TSLA, the two comprise 7.39% of SPY.
| Wednesday reporter | SPY weight | Confirmed timing |
|---|---|---|
| Alphabet | 5.72% | Results out before 4:30 p.m. ET call |
| Tesla | 1.67% | Releases after market close; Q&A starts at 5:30 p.m. ET |
| Combined | 7.39% | Reported on the same Wednesday |
The weights reflect data as of July 17. Alphabet’s total accounts for both of its publicly traded share classes.
The aggregate weight of the fund’s top 10 holdings stands at 37.46%, according to disclosed allocations. This level of concentration means that performance can be significantly influenced by the earnings results of just a handful of companies.
“Everybody is waiting for earnings season to really get going,” said Peter Tuz, president of Chase Investment Counsel. Tuz noted that investors remained cautious ahead of technology and consumer earnings. Reuters
Analysts now project S&P 500 earnings to rise 26% in the second quarter, higher than the previous forecast of 23.7%.
Weekly jobless claims arrive on Thursday, offering an updated snapshot of the labor market. Flash activity surveys and June new-home sales are due Friday. On Monday, the 10-year Treasury yield was at 4.594%, rising 5.3 basis points.
The concentration trade faces risks in both directions. Robust earnings from megacaps may extend SPY’s advantage versus the equal weight index. Conversely, disappointing forecasts, rising yields or a fresh oil shock could push the trend the other way.
For those holding SPY, the key in the short term is market breadth. Should the equal-weight index close the gap following Wednesday, it would signal a broader rally. Otherwise, SPY’s performance continues to depend on the strength of a small number of major stocks.
