Play-by-play market analysis comments for each day grouped by month.
SPY gained 2.4% to $682 in a month that kept testing buyers. It made all-time highs early despite a government shutdown that halted economic data, then a tariff-driven 2.7% drop on October 10 left it range-bound for two weeks. A Fed rate cut, the end of quantitative tightening and mega-cap earnings carried it back near the highs.
SPY gained 3.3% to $666, setting new all-time highs along the way. A 22K August jobs report and a PPI reading of -.1% fed hopes for rate relief, and the Fed delivered a 25 basis point cut on September 17. Even with a 0.7% drop on September 2 on French yield worries and bearish sentiment late in the month, buyers held support.
SPY rose 2.1% to $645. A weak jobs report knocked the market off its highs on August 1, but dips were bought quickly as a cooler CPI raised hopes for a September rate cut. A hot PPI and a quiet mid-month stall gave way to a 1.5% rally on Powell's Jackson Hole speech, and NVDA earnings helped push SPY to new all-time highs.
SPY rose 2.3% to $632 in a quiet, grinding advance. It started the month at an all-time high as the Big Beautiful Bill neared passage, and a June jobs gain of 147K beat expectations. The rally shrugged off tariff threats, including a proposed 35% rate on Canada for August 1, while mixed tech earnings kept the final week cautious.
SPY gained 4.8% to $618 in a steady climb with modest daily swings. The Fed left rates unchanged as expected and the reaction was muted, while the best day was a 1.1% gain on June 24 and the worst a 1.1% drop on June 13. Trade negotiations ahead of the July 9 deadline dominated the news at month end.
SPY gained 6.3% to $589 as it broke through resistance at SPY $550. Strong earnings and a better than expected jobs report helped early, then a US and China trade deal cutting tariffs to 30% from 145% sparked a 3.3% jump on May 12. A Moody's downgrade and a 1.7% drop on May 21 only briefly interrupted the advance.
SPY slipped 0.9% to $555 after a month that swung from panic to relief. Tariff announcements drove a steep selloff into SPY $480 support, then a 10.5% surge on April 9 retraced much of it, and the reciprocal tariffs were postponed 90 days. The market climbed back toward $550 resistance, though a Q1 GDP reading of -.3% ended the month on a soft note.
SPY lost 5.9% to $559 as selling pressure pushed it below the 100-day and 200-day moving averages. A weak ADP jobs report and a 2.7% drop on March 10 deepened the slide, while softer CPI and PPI readings set up a 2.1% bounce on March 14. The Fed cut its growth forecast and raised inflation expectations, and bounces kept failing near the 200-day average.
SPY fell 1.3% to $594 as hot inflation and tariff worries weighed on sentiment. CPI rose 0.5% against 0.3% expected and PPI increased 0.4%, a 1.7% drop on February 21 followed a new all-time high, and the market lost 4% over three days. A 1.6% rebound on February 28 came as Asset Managers reduced risk.
SPY gained 2.7% to $602 in a choppy, range-bound month. Support near $580 held early, and a 1.5% drop on January 10 reflected a negative bias after the last FOMC. A 1.8% rally on January 15 and a new high followed, while a Fed pause and the new administration's early policy moves were the main catalysts.
SPY lost 2.7% to $586 after drifting to new highs early in the month on light volume. A 3.0% drop on December 18 followed the FOMC, and traders scaled out of bullish swing trades with limited upside left toward the $620 level. A 1.1% bounce on December 24 did little to change the cautious tone.
SPY gained 6.0% to $603 and made a new all-time high after the election. Republicans won the presidency and flipped the Senate, which led to a 2.5% jump on November 6. A dovish Fed, tame inflation and seasonal strength kept the bid steady, with a 1.3% drop on November 15 and tariff headlines the main interruptions.
