--- title: "Dow Tumbles Over 800 Points as Fed Stands Pat, Oil Surges 7% on Middle East Turmoil" type: "News" locale: "en" url: "https://longbridge.com/en/news/294243758.md" description: "Fed holds rates at 3.50%-3.75% in a 9-3 vote with rare dissents; oil prices spike over 7% as Iran strikes a U.S. base; Dow plunges more than 800 points intraday and tech stocks slide." datetime: "2026-07-29T18:28:44.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294243758.md) - [en](https://longbridge.com/en/news/294243758.md) - [zh-HK](https://longbridge.com/zh-HK/news/294243758.md) --- # Dow Tumbles Over 800 Points as Fed Stands Pat, Oil Surges 7% on Middle East Turmoil U.S. stocks tumbled across the board on July 29. As of intraday, the Dow Jones Industrial Average sank more than **800** points, a drop of roughly **2%**; the Nasdaq Composite shed over **1%**; and the S&P 500 fell about **1.2%**. The selloff came after the Federal Reserve held interest rates steady but exposed deepening internal divisions, while a sudden escalation in the Middle East sent volatility spiking. On the sector front, technology shares broadly declined, with AI-linked names including Nvidia and Meta under pressure. Energy stocks bucked the trend, rallying as crude prices soared more than **7%**. Ford Motor bucked the downtrend after raising its full-year profit guidance. **Fed Holds Steady, Rare Dissents Emerge** The Federal Open Market Committee voted **9-to-3** to keep the federal funds rate unchanged at **3.50%-3.75%**, marking the fifth consecutive pause. However, three regional Fed presidents — Beth Hammack of Cleveland, Lorie Logan of Dallas, and Neel Kashkari of Minneapolis — dissented in favor of a **25-basis-point** rate hike, the first significant split since Kevin Warsh assumed the chairmanship. The statement reaffirmed the price stability mandate, noting that the economy is expanding at a solid pace while inflation remains above the **2%** target. **Middle East Tensions Flare, Oil Prices Jump Over 7%** Iran launched missiles at a U.S. military base, and former President Trump vowed retaliation, sharply elevating geopolitical risk. International crude prices surged more than **7%** in response. Energy stocks rallied against the broader market, with ExxonMobil and Chevron among the gainers. **Tech Stocks Slide as Street Awaits Meta and Microsoft Earnings** Nvidia (NVDA) and Meta (META) moved lower intraday, while TSMC (TSM) dropped over **3%**. Short interest in Microsoft has climbed to its highest level since 2015, with roughly **92 million** shares sold short, reflecting growing skepticism about returns on massive AI capital expenditures. Meta is set to report Q2 results after the close, with analysts forecasting revenue of **$60.17 billion** and earnings per share of **$7.22**. Tesla (TSLA) slid below the **$300** mark, hitting a one-year low after multiple banks cut their price targets following the company's earnings report. In other movers, Ford Motor (F) rose against the tide after lifting its full-year profit outlook; Coca-Cola (KO) hit an all-time high following a strong Q2 report, with Berkshire Hathaway's stake gaining more than **$5 billion** in value. Bitcoin edged up roughly **1%**. ### Related Stocks - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [TSM.US](https://longbridge.com/en/quote/TSM.US.md) - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) - [F.US](https://longbridge.com/en/quote/F.US.md) - [KO.US](https://longbridge.com/en/quote/KO.US.md) - [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md) ## Related News & Research - [Meta's future AI data center lease obligations swell to over a quarter trillion dollars](https://longbridge.com/en/news/294389887.md) - [Meta Stock: Is Wall Street Bullish or Bearish?](https://longbridge.com/en/news/294176785.md) - [Ahead of Meta Earnings, Here's What Barchart Data Says Comes Next for META Stock](https://longbridge.com/en/news/294068831.md) - [Meta Q2 earnings miss. Stock falls.](https://longbridge.com/en/news/294255346.md) - [Microsoft, Meta Earnings Expose a Growing Divide in the AI ETF Trade](https://longbridge.com/en/news/294384621.md)