Fed Holds Rates, Oil Surges and Big Tech Earnings
By Tom LoBianco | Quincy News Correspondent
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Washington (Quincy News) — Market Recap: Uncertainty over interest rates and renewed hostilities in the Iran War pushed stocks lower Wednesday. The S&P 500 fell 1.52%, the Nasdaq dropped 1.74%, and the Dow tumbled 2.19%. The Fed held benchmark rates steady after wrapping its latest policy meeting, though three FOMC members dissented in favor of raising rates.
A fresh round of U.S.-Iran strikes sent oil prices sharply higher Wednesday, with both WTI and Brent crude jumping more than 6%. Treasury yields climbed as renewed inflation worries compounded oil’s rise, pushing the 10-year to its highest level since January 2025 and the 30-year to its highest since 2007.
Today’s Focus: The latest core PCE data from the Bureau of Economic Analysis starts the day at 8:30a ET. Tech earnings run the day, with Microsoft beating expectations after the close yesterday, while Meta shares fell as investors reacted to heavy AI spending. For consumers, Microsoft and Meta make up a meaningful share of most 401(k)s and index funds, so their swings can move retirement account balances. Apple and Amazon report after today’s close, capping the busiest week of earnings season.
ON THE SCHEDULE FOR THURSDAY, JULY 30, 2026
-8:30 a.m. ET – Second-quarter GDP (advance estimate), Personal Income and Outlays (including headline and core PCE inflation), and Initial and Continuing Jobless Claims
-Earnings – Apple and Amazon earnings
-Friday, 10:00 a.m. ET – University of Michigan Consumer Sentiment (Final, July)
-Friday, earnings – Exxon Mobil and Chevron
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