The topic of this paper is the study of the impact of macroeconomic variables on the stock market. Researching this impact is important because it shows investors the importance of understanding and researching macroeconomic indicators when investing in stocks. The research used the augmented Dickey-Fuller test (ADF test), the Johansen cointegration test and the Vector error correction model (VECM). The data used referred to the United States of America, and it is about monthly data in the period from January 1995 to December 2019. Also, the year 2020 was included at the end to investigate whether the pandemic caused by the COVID-19 virus affects the research results. The research conducted in this paper had a total of six variables. These are: the value of the S&P 500 index, the industrial production index, the consumer price index representing inflation, the narrow money supply M1, long- term interest rates on government bonds and short-term interest rates on treasury bills. The S&P 500 is the dependent variable in the study, while the other variables are independent. The research determined a statistically significant positive impact of the index of industrial production, tight money supply M1 and long-term interest rates on government bonds on the value of the S&P 500 index, and a statistically significant negative impact of the consumer price index. The impact of the short-term interest rate on treasury bills was not statistically significant. By including the year 2020 in the research, different results were obtained. The results showed that the consumer price index, which represents inflation, does not have a statistically significant impact on the value of the S&P 500 index, and that short-term interest rates on treasury bills have a negative impact on the value of the S&P 500 index, which is statistically significant at the 1% significance level, while the results for other variables remained the same.