Market Overview for July 28, 2026
Global stock indexes generally closed on a positive note on Tuesday, largely supported by robust corporate earnings reports. However, the day was marked by contrasting trends: declining oil prices and significant weakness in semiconductor stocks contributed to downward pressure on the Nasdaq Composite.
The blue-chip Dow Jones Industrial Average (DJIA) finished up 1%, adding nearly 550 points, while the benchmark S&P 500 rose by 0.2%. Conversely, the technology-heavy Nasdaq Composite recorded a decline of 0.2%. These directional movements mirrored those observed on the previous day, marking the beginning of what was anticipated to be the busiest week of the current earnings season.
Corporate Earnings and Tech Sector Activity
In post-earnings trading, shares in Sherwin-Williams (SHW), Coca-Cola (KO), and Boeing (BA) provided notable lifts to the Dow. SHW gained roughly 8%, KO rose approximately 5%, and BA climbed about 4.5%. Conversely, Corning (GLW) and United Parcel Service (UPS) saw their shares fall by 12% and 6.5%, respectively.
The technology sector presented a mixed picture. Shares of chipmaking leader Nvidia (NVDA), which had lost its status as the largest market capitalization company to Apple (AAPL) following a 5% decrease on Monday, managed to increase slightly. Meanwhile, Apple shares reached a new record high and achieved a $5 trillion market valuation before closing up roughly 1%. The remaining mega-cap technology stocks also generally finished the day higher.
However, the semiconductor segment faced substantial declines. Both the Roundhill Memory ETF (DRAM) and the broader iShares Semiconductor ETF (SOXX) closed down about 9% and 5%, respectively. Several key component companies saw steep losses: SK Hynix (SKHY), Sandisk (SNDK), Western Digital (WDC), and Seagate Technology (STX) declined between 7.5% and 14%. Additionally, Micron Technology (MU) and Intel (INTC) retreated by 9% and 5%, respectively.
Commodities, Interest Rates, and Global Assets
Energy prices softened considerably on Tuesday as the pause in hostilities between the U.S. and Iran continued. The U.S. benchmark West Texas Intermediate (WTI) futures dropped 4.3% to approximately $79 a barrel at 4 p.m. ET. Globally, Brent crude futures experienced a 5.1% fall, settling at $83.80.
In macro terms, attention focused on the start of a two-day Federal Reserve meeting. According to the CME Group’s FedWatch tool, market participants were pricing in a 31% probability that the Federal Open Market Committee (FOMC) would implement an interest rate hike, an increase from about 26% one week prior. Furthermore, there was a 75% chance of at least a quarter-percentage-point rate hike during the September meeting, up from 64% previously.
The 10-year Treasury yield, which influences various consumer loans including mortgages, closed above 4.60%, marking a drop exceeding five basis points from Monday’s close. This decline followed a period when the yield had reached its peak since January 2025 at nearly 4.72% amid inflation concerns. On other fronts, U.S. gasoline prices recovered to remain above $4 per gallon.
Commodities and currencies also saw movement: Gold futures decreased by 1.2%, ending the day at $4,025 an ounce. Bitcoin traded around $63,700, falling from overnight levels near $65,000, while the U.S. dollar index dipped 0.2% to 101.38.
