Opening Comment — Wednesday, July 29, 2026
DJIA: 52,747.32, up 537.24
S&P 500: 7,428.78, up 15.60
NASDAQ: 24,876.91, down 55.17
Stocks mixed before Fed meeting
Stock futures are mixed Wednesday morning ahead of today’s Federal Open Market Committee (FOMC) meeting, during which the Federal Reserve (Fed) is expected to keep its policy rate unchanged. Looking ahead, investors are also focused on tomorrow’s key economic releases, including June personal income, personal spending, and Personal Consumption Expenditures Deflator (the Fed’s preferred gauge of inflation) data, as well as the advance reading of second-quarter gross domestic product. As of 7:49 AM ET, the Dow is decreasing 0.3%, while the S&P 500 is up 0.2%. The Nasdaq 100 is increasing 0.2% relative to fair value on the GLOBEX.
U.S. equities were also mixed on Tuesday as July consumer confidence dropped unexpectedly compared to the prior month’s upwardly revised reading. Meanwhile, home prices rose more than forecasted in May. The advance goods trade deficit narrowed less than expected in June, while the preliminary reading of wholesale inventories for June showed smaller-than-forecasted increase of 0.3% month-over-month (MOM). The Richmond Fed’s latest manufacturing survey showed the composite index improving less than projected in July. The Dow was up 1.0%, while the tech-heavy Nasdaq Composite fell 0.2%. The S&P 500 increased 0.2% with seven of 11 sectors finishing in positive territory. The Health Care sector was the top performer, rising 2.3%, while the Energy sector was the bottom performer, falling 1.4%.
On the data front, the Mortgage Banker Association’s gauge of mortgage applications decreased by 6.4% for the week ending July 24 versus the prior week’s increase of 1.9%. The Department of Energy’s measure of crude oil inventories is expected to have increased by 1.00 million barrels for the week ending July 24 versus the prior week’s increase of 2.01 million barrels.
Across the pond, European stocks are mostly lower in mid-day trading as Germany’s Import Price Index declined 0.7% month-over-month in June, in line with expectations, while the year-over-year (YOY) increase of 6.1% exceeded forecasts. The U.K.’s mortgage approvals rose more than expected in June.
Overnight in Asia, stocks were mixed as Australia’s Consumer Price Index unexpectedly declined 0.1% MOM and showed smaller-than-expected increase of 3.8% YOY in June, along with cooler-than-projected increase of 0.6% quarter-over-quarter in the second quarter. Meanwhile, South Korea’s retail sales increased 9.5% YOY in June.
In FOREX trading, the U.S. dollar is little changed ahead of today’s Fed policy decision and tomorrow’s Bank of England meeting.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 5.0% higher at $83.19/barrel ahead of today’s expected increase in reported U.S. crude oil inventories.
In the metals complex, gold is little changed at $4,028.62/ounce.