Bar chart of S&P 500 Fed Day moves. Up 0.67% on December 10, 2025, then six straight declines from January 28 to September 16, 2026. The streak ended with a 0.27% gain on October 28.

The S&P 500 rose 0.27% on Wednesday's Fed Day, snapping a streak of six straight Fed Day declines.

The losing run started in January and lasted through September, spanning the end of Powell's tenure and the start of Warsh's.

Here is how the index moved on each Fed Day since December.

  • December 10, 2025 +0.67%

  • January 28, 2026 -0.008%

  • March 18 -1.36%

  • April 29 -0.03%

  • June 17 -1.21%

  • July 29 -1.51%

  • September 16 -0.44%

  • October 28 +0.27%

Two of the declines were tiny, with the index down less than 0.05% in January and April.

The three worst came in March, June and July, each a drop of more than 1.2%.

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One green Fed Day doesn't make a trend, but it's the first one investors have seen since last December.

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Phil Rosen
Phil Rosen

Phil Rosen is co-founder and CEO of Opening Bell Media and chief market strategist for Silvia Inc. (NASDAQ: SVIA). He hosts Full Signal and writes Opening Bell Daily — the markets briefing read by over 200,000 investors and published on Bloomberg Terminals — and has also published two books and won a Fulbright award for his reporting. Contact him at [email protected].

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