Market check for July 7, 2026: Nothing unusual is happening in stocks. The S&P 500 is 1.8% below its all-time high — a typical week. The exception is crypto: Bitcoin is 49.1% and Ethereum is 63.1% below their peaks — rare even by their standards. S&P 500 severity 0.4 (Calm). Russell 2000 severity 0.2 (Calm). Nasdaq-100 severity 1.3 (Mild dip). Bitcoin severity 7.7 (Rare). Ethereum severity 9.3 (Very rare). 66 individual stocks entered rare drawdown territory in the past month.
Market check · July 7, 2026 · updated daily
Nothing unusual is happening in stocks.
The S&P 500 is 1.8% below its all-time high — a typical week. The exception is crypto: Bitcoin is 49.1% and Ethereum is 63.1% below their peaks — rare even by their standards.
S&P 500 · the market
1.8% below its high — a routine dip.
Russell 2000 · small companies
0.8% below its high — a routine dip.
Nasdaq-100 · tech & growth
5.2% below its high — a mild dip, within its normal range.
Crypto
Bitcoin · crypto
49.1% below its high, 267 days in — rare territory.
Ethereum · crypto
63.1% below its high — among the deepest declines in its history.
Last time the market crossed the rare threshold: April 2025 — over a year ago. That's the point.
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Why is the market down today?
Most days, it isn't — and when it is, the honest answer is that daily moves are noise. What matters is whether the decline is historically rare for the market itself. That is the only question this page answers. We measure each index against decades of its own drawdown history; the verdict above updates every trading day.
Should you even be paying attention?
In the decades of S&P 500 data we track, the index has spent roughly nine out of ten trading days below a prior all-time high — and almost all of those days required no action from a long-term investor. The rare exceptions — 2008, March 2020, late 2022 — are exactly when most people are too exhausted by daily headlines to act well. Our approach: snooze the market, and let us wake you when a decline is rare by historical standards.
Common questions
Is the stock market in a drawdown today?
As of July 7, 2026: Nothing unusual is happening in stocks. The S&P 500 is 1.8% below its all-time high — a typical week. The exception is crypto: Bitcoin is 49.1% and Ethereum is 63.1% below their peaks — rare even by their standards.
How do you decide whether a market drop is rare?
We measure each index's own Drawdown Severity Score™ — how far the S&P 500, Russell 2000, Nasdaq-100 and Bitcoin sit below their all-time highs compared with decades of their own drawdown history. The score resets at every new high, so it reflects what is happening now, not old damage.
Should I sell my stocks when the market drops?
DrawdownAlerts does not give investment advice. Historically, most market declines have been routine. Our data shows how rare the current decline actually is, so you can decide with context instead of headlines.