U.S. stocks closed broadly lower on July 29, with all three major indices in the red as a sweeping selloff hit technology and semiconductor shares. The Federal Reserve held interest rates steady while striking a dovish tone, but market attention quickly pivoted to a sharply divergent post-close earnings season for mega-cap tech.

Semiconductors bore the brunt of the selling, with Micron plunging nearly 10% to lead the decline. Crypto mining stocks also tumbled in sympathy, while legacy automaker Ford bucked the trend with a gain of more than 2% — one of the session's few bright spots. After the bell, Microsoft soared roughly 8% on a top-and-bottom-line beat, while Meta slumped nearly 9% after a massive capex ramp sent free cash flow cratering 91%, underscoring a deepening bifurcation across Big Tech.

Semiconductor Sector Hammered; Micron Drops Nearly 10%

At the close, Micron Technology (MU) sank 9.94% to $739.00, leading the tape in total dollar volume. Nvidia (NVDA) fell 3.55% to $190.01, Intel (INTC) dropped 5.12% to $81.88, SK Hynix (SKHY) declined 2.60% to $126.79, and Super Micro Computer (SMCI) tumbled 9.67% to $25.70.

The rout extended a wave of profit-taking that has buffeted AI hardware names in recent sessions. The weakness was echoed across global markets, with Hong Kong-listed chip and AI-concept stocks — including SMIC and Hua Hong Semiconductor — also coming under heavy selling pressure, reflecting a synchronized deterioration in semiconductor sentiment worldwide.

Crypto-Linked Names Suffer Double-Digit Losses; IREN Slides Over 13%

Crypto mining and infrastructure stocks were among the hardest hit. IREN (IREN) plunged 13.62% to $29.31, Cipher Digital (CIFR) dropped 13.37% to $17.69, Nebius (NBIS) lost 12.65% to $148.22, and Mara Holdings (MARA) fell 11.69% to $10.05.

Bitcoin held relatively steady around the $64,000 level following the Fed's rate decision, but reports of shutdowns and withdrawal issues at BitMart and BitMEX stirred fresh concerns over the stability of crypto exchange platforms. Meanwhile, Fed Chair Warsh indicated that rising long-term bond yields are tightening financial conditions, a signal Wall Street's major banks interpreted as dovish — though it failed to lift crypto-linked assets.

Big Tech Diverges; ServiceNow Gains Nearly 5%

Apple (AAPL) edged down 0.56% to $338.19, while Netflix (NFLX) gained 1.71% to $73.63 and ServiceNow (NOW) rose 4.65% to $115.76. Ford Motor (F) defied the selloff, climbing 2.14% to $15.28 as one of the few heavyweight advancers.

The session's main event came after the close, as two of the most closely watched mega-cap names delivered dramatically different results. Microsoft posted fiscal fourth-quarter revenue of $90.01 billion and earnings per share of $4.74, both beating consensus estimates. Azure cloud revenue grew 43% year-over-year, with guidance pointing to an acceleration to 45% next quarter. Shares surged roughly 8% in extended trading. Meta, by contrast, topped revenue expectations by 28% but missed on EPS — and stunned investors by ratcheting up AI infrastructure capex guidance to between $13 billion and $14.5 billion, triggering a staggering 91% year-over-year collapse in free cash flow. The stock sank nearly 9% after hours.

Macro Backdrop

The Federal Reserve held its benchmark rate steady at 3.50%–3.75% at the July meeting, though three officials dissented in favor of a hike. Chair Warsh noted that rising long-term bond yields are tightening financial conditions and could reduce the need for further rate increases. Major Wall Street banks broadly characterized the message as dovish.

Top 10 by Turnover

Micron Technology (MU) — $739.00, -9.94%, turnover ~$51.6 billion
Nvidia (NVDA) — $190.01, -3.55%, turnover ~$28.1 billion
Apple (AAPL) — $338.19, -0.56%, turnover ~$19.0 billion
Intel (INTC) — $81.88, -5.12%, turnover ~$12.5 billion
SK Hynix (SKHY) — $126.79, -2.60%, turnover ~$8.3 billion
SpaceX (SPCX) — $112.55, -3.32%, turnover ~$6.1 billion
ServiceNow (NOW) — $115.76, +4.65%, turnover ~$4.7 billion
Netflix (NFLX) — $73.63, +1.71%, turnover ~$3.2 billion
SoFi Technologies (SOFI) — $15.25, -8.90%, turnover ~$3.0 billion
Boston Scientific (BSX) — $46.04, -0.04%, turnover ~$2.4 billion