Wall Street heads into FOMC day with the Dow doing the heavy lifting. The Dow Jones surged 537 points (+1.03%) Tuesday to a record closing high of 52,747.32, powered by blowout prints from Boeing (+6%) and Coca-Cola (+4%), while the S&P 500 added a modest 0.21% to 7,428.78 and the Nasdaq slipped 0.22% to 24,876.91 as a fourth straight day of chip-stock selling deepened — Micron and AMD each fell more than 8% after South Korea’s Kospi plunged over 10% overnight on AI-financing jitters. WTI crude cratered roughly 4% to $79.28 on hopes that Iran-Oman talks could reopen the Strait of Hormuz, pulling Energy to the week’s worst sector showing while money rotated into Healthcare, Consumer Staples and Real Estate. That rotation out of Big Tech left the week-to-date score split: the Dow is up about 1.5% WTD even as the Nasdaq is down roughly 0.4% heading into results from Microsoft and Meta after today’s close. All eyes now turn to the 2:00pm ET FOMC decision, where Chair Kevin Warsh is expected to hold rates at 3.50–3.75% for a fifth straight meeting, with markets parsing his hawkish tone for hints of a September move.
DOW JONES
52,747.32
▲ 1.54%
Kospi Plunges 10% · Chip Selloff Deepens
GEOPOLITICS South Korea’s Kospi cratered more than 10% overnight on fears about circular AI-financing deals between chipmakers and hyperscalers, spilling into U.S. semiconductors and setting a shaky tone for a week loaded with mega-cap tech earnings and the Fed decision.
Dow Record Close · Boeing, Coca-Cola Beat
EARNINGS The Dow surged 537 points to a record closing high of 52,747.32 as Boeing jumped 6% on strong jet deliveries and Coca-Cola gained 4% on its fifth straight earnings beat, even as a fourth day of chip-stock selling — Micron -8.8%, AMD -8.1% — capped the Nasdaq.
FOMC Rate Decision (2:00pm ET)
FED Chair Kevin Warsh’s second meeting is widely expected to hold the fed funds rate at 3.50–3.75% for a fifth straight time; the statement lands at 2:00 p.m. ET followed by his 2:30 p.m. press conference, with markets watching his hawkish tone for hints of a September move.
Microsoft, Meta Q2 Earnings
EARNINGS Wall Street’s two most-watched cloud and ad-revenue prints of the season land after today’s close, with Azure growth guidance and AI-capex scrutiny in focus following Alphabet’s $10B capex hike last week.
GDP (Advance) · Jobless Claims · PCE · Apple, Amazon Earnings
ECONOMIC DATA The BEA’s advance look at Q2 GDP, weekly jobless claims and the Fed’s preferred PCE inflation gauge all post at 8:30 a.m. ET, setting up an after-the-close double bill from Apple and Amazon that will test whether AI spending is still paying off.
Chicago PMI · Month-End Rebalancing
ECONOMIC DATA Month-end rebalancing flows and the Chicago PMI close out a data- and earnings-heavy week, with investors turning toward next week’s ISM Manufacturing report and the tail of Q2 earnings season.
🏢
Sector Pulse — Past Week