US Stock Market Report — 2026-07-29

Big Picture

U.S. equity markets showed mixed signals on 2026-07-29, with the Dow and small-caps advancing while the Nasdaq lagged due to continued tech sector weakness. Treasury yields edged lower ahead of the Federal Reserve's rate decision, while Bitcoin rallied 1.2%. The day's top story was Iran's surprise ballistic missile attack on U.S. forces in the Middle East, driving geopolitical risk higher and weighing on risk assets including tech.

Index Performance

| SPY | S&P 500 ETF | $739.09 | +0.16 | +0.02% | | QQQ | Nasdaq 100 ETF | $682.12 | -2.11 | -0.31% | | DIA | Dow Jones ETF | $521.26 | +2.50 | +0.48% | | IWM | Russell 2000 ETF | $292.91 | +1.74 | +0.60% |

Sector ETF Tracker

| XLK | Technology | $174.30 | -1.58 | -0.90% | | XLF | Financials | $56.88 | +0.57 | +1.01% | | XLE | Energy | $58.36 | -1.26 | -2.11% | | XLV | Healthcare | $163.40 | +0.83 | +0.51% | | XLY | Consumer Disc. | $110.84 | +2.08 | +1.91% | | XLP | Consumer Staples | $85.36 | +2.15 | +2.58% |

Crypto

Top Market News

Analysis: Kevin Warsh has three reasons to hold off on a Fed rate hike this week Full article at CNBC

Treasury yields edge lower ahead of Fed rates decision as oil prices tumble Full article at CNBC

Iran launches surprise ballistic missile attack on U.S. forces in the Middle East Full article at CNBC

Daily Stock Market Live Full article at CNBC

Trump, DOJ ask Supreme Court to toss $83.3M defamation award to E. Jean Carroll Full article at CNBC

Asian technology stocks extend sell-off with SoftBank down 10% as AI plays take a hit Full article at CNBC

BTS' concerts have been so successful, it's now bad for its own agency Hybe's shares Full article at CNBC

Britain tried war bonds before — and savers paid the price Full article at CNBC

Blurred front lines: Trump meets Zelenskyy as Ukraine, Iran wars collide Full article at CNBC

China’s reported chip breakthrough comes with some big caveats Full article at CNBC

Key Market Themes

• Fed rate decision awaited: Kevin Warsh outlined three reasons the Fed should hold off on rate hikes this week — weak productivity, financial conditions not tight enough, and policy lag uncertainty. Markets now pricing a ~85% chance of no change at the July meeting.
• Tech under pressure: XLK fell 0.9% as Asian tech stocks extended their sell-off, with SoftBank down 10% amid AI sector rotation concerns.
• Geopolitical risk spikes: Iran's missile attack on U.S. forces in the Middle East dominated the news cycle, boosting defense stocks and pressuring risk assets.
• Staples & consumers outperform: XLP (+2.58%) and XLY (+1.91%) led all sectors as investors rotated into defensive/consumer names.
• Bitcoin holds $28 level: BTC-USD gained 1.23% to $28.72, recovering some of this week's losses.

Looking Ahead

The Federal Reserve's rate decision on Wednesday will be the defining event of the week. With markets pricing near-certainty of no hike, traders will focus on Fed Chair Powell's press conference for signals on the September meeting. Iran-related geopolitical developments will also be closely watched — escalation could further pressure tech and emerging markets while supporting defensive sectors and gold.

Sources: Yahoo Finance, CNBC. Data as of 2026-07-29.