Stock Market Today: October 29, 2026 — Small Caps Rally as Tech Slides
The S&P 500 fell 0.30% to 7720.39 and the Nasdaq Composite dropped 1.38% to 26184.72, while the Russell 2000 gained 1.01% to 2859.22 as Glaukos jumped 33.65% and Iovance plunged 35.45%.
TL;DR: The S&P 500 closed 0.30% lower at 7720.39, the Nasdaq Composite slid 1.38% to 26184.72, and the Dow Jones dipped 0.25% to 52342.56, while the Russell 2000 bucked the slide with a 1.01% gain to 2859.22. The single most striking small-cap story was Glaukos GKOS, which surged 33.65% to 242.48, leading a gainers list where four of the five names rose more than 28%.
How One Trader Asked About Today's Small-Cap Action
A trader watching the tape today asked: if large-cap tech is selling off, where is the bid showing up in small caps? The answer came in the gainers list. Glaukos GKOS rose 33.65% to 242.48, topping today's gainers. ADT Inc. ADT climbed 33.2% to 9.87, joining Bausch Health Companies Inc. BHC, which added 28.76% to 8.91, and Porch Group Inc. PRCH, up 28.16% to 20.89. Crocs Inc. CROX rounded out the top five with a 25.54% gain to 150.26. Volume figures were not included in today's close data, so move size is the only measurable catalyst available.
THE THREE STORIES THAT MOVED SMALL CAPS
Today's small-cap tape split cleanly between a biotech winner and two sharp decliners. Iovance Biotherapeutics Inc. IOVA collapsed 35.45% to 9.56, the day's steepest loss among the top losers. Alnylam Pharmaceuticals Inc. ALNY fell 25.13% to 174.0, extending biotech weakness beyond the sub-$10 names. ServiceNow Inc. NOW, though larger in market cap, dropped 26.95% to 109.67 and anchored the technology decline. Rounding out the losers, Sprouts Farmers Market Inc. SFM fell 22.58% to 48.0, and Fortinet Inc. FTNT slid 20.09% to 139.1. These moves show risk rotated out of high-beta software and biotech names into defensive small-cap pockets.
ONE CHART
ONE ACTIONABLE TAKEAWAY
Today's pattern implies tomorrow's scanner should prioritize sub-$10 small-cap names with outsized percentage gains alongside biotech names under pressure, since the gainers list was dominated by names under $25 while the losers list featured two biotech decliners and a mega-cap software name. Traders building a watchlist for the next session should surface these movers through today's gainers.
THE NUMBERS BLOCK
S&P 500 ^GSPC: 7720.39, down 0.30% day, +12.57% YTD
Nasdaq Composite ^IXIC: 26184.72, down 1.38% day, +12.69% YTD
Dow Jones ^DJI: 52342.56, down 0.25% day, +8.19% YTD
Russell 2000 ^RUT: 2859.22, up 1.01% day, +13.99% YTD
VIX ^VIX: 17.2, up 1.71% day
10-Year Treasury Yield ^TNX: 4.99, down 1.11% day
US Dollar Index DX-Y.NYB: 101.76, down 0.42% day
WTI Crude CL=F: 102.58, down 0.19% day
Gold GC=F: 4021.5, down 0.74% day
| Sector | Today % | YTD % |
|---|---|---|
| Health Care XLV | +2.71 | +18.35 |
| Financials XLF | +1.90 | +3.66 |
| Real Estate XLRE | +1.46 | +6.64 |
| Materials XLB | +1.45 | +13.90 |
| Industrials XLI | +1.32 | +7.69 |
| Consumer Staples XLP | +1.18 | +13.50 |
| Energy XLE | +0.73 | +50.51 |
| Utilities XLU | +0.68 | -0.09 |
| Consumer Discretionary XLY | +0.65 | -1.82 |
| Technology XLK | -0.40 | +30.80 |
| Communication Services XLC | -2.29 | -13.42 |