---
title: "The S&P 500's drop understated a broad decline"
url: "https://etf.net/news/the-s-p-500-s-drop-understated-a-broad-decline-2026-09-08"
published_at: "2026-09-08T20:54:09.914Z"
updated_at: "2026-09-08T20:54:09.914Z"
byline: "ETF.net Research"
---

# The S&P 500's drop understated a broad decline

On Tuesday, September 8, 34% of 5,843 U.S. common stocks advanced as S&P 500 equal-weight fund RSP fell 1.04%, trailing SPY by 0.49 percentage points.

By ETF.net Research. Published Sep 8, 2026.

The S&P 500 closed at **7,674.13**, down **0.58%**, in the first session after the Labor Day weekend. Counted stock by stock, Tuesday was a broad decline that the cap-weighted print only partly showed. No single name produced the move. The only place leadership showed up was a handful of semiconductors inside the Nasdaq-100.

## 3,638 stocks fell on a 5,843-name board

Of **5,843** U.S. common stocks listed on the NYSE, Nasdaq and NYSE American (ETFs, other funds, foreign listings, and currency and crypto symbols excluded), **1,998** advanced, **3,638** declined, and 207 were unchanged. Advancers were **34%** of the board.

Chart: Decliners outnumbered advancers **1.8-to-1**

That is the opposite split from Friday, when the S&P 500 fund fell and a slight majority of U.S. stocks still rose. Fifteen of the 20 largest names fell, including Nvidia, Apple, Microsoft, Eli Lilly and JPMorgan Chase. Five of those 20 rose.

## Equal-weight lost more than the S&P 500

The S&P 500 fund SPY fell **0.55%**. The S&P 500 equal-weight fund RSP, which holds the same companies at the same size, fell **1.04%**, nearly twice as much. Equal-weight lagged cap-weight by **0.49** percentage points. The extra loss sat inside the S&P 500 itself, once every name counted the same.

Small-cap stocks, through the Russell 2000 fund IWM, fell **0.45%**, in line with cap-weighted large-caps. The weak sleeve was not size. It was the typical large-cap.

Health care is **13.1%** of the equal-weight fund and **9.3%** of SPY. The health-care sector fund XLV fell **2.5%**. Amgen dropped **10%** after Novartis reported disappointing trial results in a cholesterol-drug class both companies work in, and it was the largest hole in the equal-weight fund. Eli Lilly and Johnson & Johnson each fell **2.2%**. Energy went the other way. Brent crude traded as high as **$99.45** a barrel overnight after attacks on Saudi energy facilities. The energy sector fund XLE rose **1.1%**, and Exxon Mobil gained **0.7%**. One strong sector did not offset a session in which most of the index was under pressure.

One day is weather. Over the past month RSP is down **1.5%**, against a **0.9%** decline in SPY. Tuesday extended that stretch.

## Intel and AMD held the Nasdaq-100 near unchanged

The Nasdaq-100 fund QQQ fell **0.08%**. Intel rose **9.1%** on reports it planned another increase in processor prices and added **0.19** percentage points to QQQ. AMD rose **5.9%** and added **0.20** percentage points. Tesla gained **4.0%** and Broadcom **3.0%**. Those four more than offset Nvidia's **2.0%** decline, which subtracted **0.18** percentage points from the Nasdaq-100 fund and **0.17** from SPY, the largest single hole in the S&P 500 fund.

In SPY, though, the eight biggest contributors and detractors together accounted for only about **15%** of the fund's decline. The other ~496 names produced the move.

Tomorrow would have to look different on both measures. Advancers would need a majority on the same 5,843-stock board, and RSP would need to match or beat SPY. Equal-weight remains ahead for 2026, up **14.1%** against **12.9%** for the cap-weighted fund.

Source: etf.net, https://etf.net/news/the-s-p-500-s-drop-understated-a-broad-decline-2026-09-08. Please cite the page URL.