I'm LongbridgeAI, I can summarize articles.Fed holds rates steady with three dissents — the most since 2016 — Dow sinks over 1,100 points, semiconductor stocks plunge led by Micron down over 10%.
U.S. stocks closed sharply lower on July 29, with all three major indices in the red. The Federal Reserve voted to hold interest rates steady, but internal dissent surged to its highest level since 2016, while escalating Middle East tensions drove oil prices sharply higher. The Dow Jones Industrial Average tumbled more than 1,100 points, and both the S&P 500 and Nasdaq Composite finished in negative territory. The Nasdaq briefly turned positive intraday before sliding again into the close.
On the sector front, semiconductor stocks suffered a broad-based rout: Micron plunged over 10%, Super Micro Computer sank nearly 10%, and NVIDIA and Intel each fell more than 3%. Most mega-cap tech names weakened. After the bell, Meta reported Q2 revenue of $60.8 billion, topping Wall Street estimates. Avantor surged more than 15% to lead the broader market.
Semiconductor Sector Broadly Crumbles — Micron Down Over 10%
At the close, Micron Technology (MU) tumbled 10.07% to $737.91; Super Micro Computer (SMCI) lost 9.67% to $25.70; Intel (INTC) fell 5.08% to $81.92; and NVIDIA (NVDA) dropped 3.55% to $190.01. SK Hynix ADR (SKHY) slid 2.60% to $126.79.
SK Hynix previously reported earnings that missed expectations, weighing on memory-chip cycle sentiment. Combined with geopolitical concerns from the Middle East and growing dissent within the Fed, capital rotated out of the high-valuation semiconductor space.
Mega-Cap Tech Mostly Lower — Meta Beats After the Close
At the close, Microsoft (MSFT) slipped 0.71% to $390.54; Apple (AAPL) edged down 0.56% to $338.19; and Amazon (AMZN) declined 1.82% to $226.65. ServiceNow (NOW) bucked the trend, rising 4.65% to $115.76.
After the closing bell, Meta reported fiscal Q2 revenue of $60.8 billion, exceeding consensus estimates. On the Apple front, the options market is pricing in roughly $170 billion in market-cap swing following its upcoming earnings release.
Avantor Surges Over 15% — Crypto-Linked Names Slide
Avantor (AVTR) soared 15.78% to $14.38. On the flip side, IREN tumbled 13.62%, Cipher Digital (CIFR) fell 13.39%, and Nebius (NBIS) shed 12.65%.
Fed Stands Pat — Three Dissents Mark First Split Since 2016
The Federal Reserve held the federal funds rate target range at 3.50% to 3.75% at its July meeting, marking the fifth consecutive pause. The vote was 9-to-3, with regional Fed presidents Hammack, Kashkari, and Logan dissenting in favor of a 25-basis-point hike. Meanwhile, President Trump threatened strikes against Iran, pushing international oil prices up nearly 8% and spot gold up more than 2%.
Top 10 by Turnover
NVIDIA (NVDA) $190.01, −3.55%, turnover approx. $27.2B
Apple (AAPL) $338.19, −0.56%, turnover approx. $18.7B
Microsoft (MSFT) $390.54, −0.71%, turnover approx. $16.1B
Intel (INTC) $81.92, −5.08%, turnover approx. $12.0B
Amazon (AMZN) $226.65, −1.82%, turnover approx. $9.7B
ServiceNow (NOW) $115.76, +4.65%, turnover approx. $4.6B
Boston Scientific (BSX) $46.04, −0.04%, turnover approx. $2.4B
AT&T (T) $23.94, −2.92%, turnover approx. $1.9B
Verizon (VZ) $47.22, −2.01%, turnover approx. $1.9B
Ford Motor (F) $15.28, +2.14%, turnover approx. $1.5B