It was a mixed day for the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ). The former closed higher, while the latter finished in negative territory due to its heavy tech and AI exposure

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News That Moved the Stock Market Today

• The AI sector continued to sell off, marked by heavy losses in AMD (AMD), Micron (MU), and Intel (INTC). That came after South Korea's KOSPI index fell 10.8% in overnight trading, marking its worst daily loss in nearly five months.
• The Fed is set to announce its rate decision tomorrow. The most likely outcome with 68.5% odds is for unchanged rates, according to the CME FedWatch tool. The odds of a rate hike are at 31.5%, while the odds of a cut are 0%.
• The Conference Board's Consumer Confidence Index (CCI) fell 1.4 points to 90.8 in July, down from 92.2 in June. Several factors drove the decline, including inflation fears, high gas prices, and the U.S.-Iran war.
• Apple (AAPL) surged to a $5 trillion market capitalization during intraday trading, becoming the second company, alongside Nvidia (NVDA), to ever do so.
• Boeing (BA) closed in the green despite reporting an adjusted EPS loss of $0.76, below the expected $0.30 loss. The aerospace manufacturer's revenue of $24.56 billion topped expectations of $24.25 billion.
• Visa (V) is set to report its earnings later today. This morning, the payment processing leader confirmed it would lay off 7% of its workforce, or about 2,600 employees.
• Microsoft (MSFT), Meta Platforms (META), and Robinhood (HOOD) will announce their earnings after the market close tomorrow.