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Wall Street Rebounds Ahead of FOMC & Big Tech Earnings
Today’s Market Update:
Tuesday, the wild summer volatility continued on Wall Street. However, unlike recent sessions, the bulls showed some fight and rallied stocks off the bloody red morning lows. A few positives helped to buoy equities today, including:
· Geopolitical Cooling: Oil prices finally retreated sharply after a pause in military strikes between the U.S. and Iran and a resumption of peace talks. Lower prices have helped relieve immediate inflation fears.
· Bullish Macro Data: Flash PMI data continues to show solid expansion in the U.S. manufacturing and services areas.
Currently, Wall Street is a tale of two markets: tech and everything else. Until the past month or so, tech stocks led the market higher. However, a combination of improving Chinese competition and credit and CAPEX spending concerns has brought many AI leaders back to earth.
The divergence between tech and the general market is staggering, with the S&P 500 Index less than 3% off all-time highs. At the same time, the tech-heavy Nasdaq 100 Index ETF briefly went into correction territory Tuesday morning before paring losses. (defined as -10% off all-time highs).
Wednesday Will Be a Market-Moving Day
Big Tech Earnings Loom
As if the market has not been volatile enough, Wednesday will be full of catalysts. Big tech giants Microsoft and Meta Platforms will report earnings on Wednesday after the equity market closes. After the outsized post-EPS moves in reaction to increased CAPEX spending in Tesla and Alphabet, all eyes will be on CAPEX guidance. You can read my Q2 META EPS Preview here.
Key Fed Decision Day
Meanwhile,Kevin Warsh will have a chance to prove his mettle as Fed Chair in a difficult environment. According to reports, Citadel expects the Fed to raise interest rates this week – which would be a huge surprise. That said, betting markets like Polymarket have high conviction that there will be no change in rate policy (80% odds). Typically, I defer to betting markets as they represent real dollars at risk.
Bottom Line
Tuesday offered some relief for beaten-down bulls. However, Wednesday will likely be another volatile session with big tech earnings and a Fed interest rate decision on deck.
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year.
Today you can access their live picks without cost or obligation.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
View the Zacks #1 Rank List
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Zacks Investment Ideas feature highlights: Nasdaq 100 Index ETF, Microsoft, Meta Platforms, Tesla and Alphabet
For Immediate Release
Chicago, IL – July 29, 2026 – Today, Zacks Investment Ideas feature highlights Nasdaq 100 Index ETF (QQQ - Free Report) , Microsoft (MSFT - Free Report) , Meta Platforms (META - Free Report) , Tesla (TSLA - Free Report) and Alphabet (GOOGL - Free Report) .
Wall Street Rebounds Ahead of FOMC & Big Tech Earnings
Today’s Market Update:
Tuesday, the wild summer volatility continued on Wall Street. However, unlike recent sessions, the bulls showed some fight and rallied stocks off the bloody red morning lows. A few positives helped to buoy equities today, including:
· Geopolitical Cooling: Oil prices finally retreated sharply after a pause in military strikes between the U.S. and Iran and a resumption of peace talks. Lower prices have helped relieve immediate inflation fears.
· Bullish Macro Data: Flash PMI data continues to show solid expansion in the U.S. manufacturing and services areas.
Currently, Wall Street is a tale of two markets: tech and everything else. Until the past month or so, tech stocks led the market higher. However, a combination of improving Chinese competition and credit and CAPEX spending concerns has brought many AI leaders back to earth.
The divergence between tech and the general market is staggering, with the S&P 500 Index less than 3% off all-time highs. At the same time, the tech-heavy Nasdaq 100 Index ETF briefly went into correction territory Tuesday morning before paring losses. (defined as -10% off all-time highs).
Wednesday Will Be a Market-Moving Day
Big Tech Earnings Loom
As if the market has not been volatile enough, Wednesday will be full of catalysts. Big tech giants Microsoft and Meta Platforms will report earnings on Wednesday after the equity market closes. After the outsized post-EPS moves in reaction to increased CAPEX spending in Tesla and Alphabet, all eyes will be on CAPEX guidance. You can read my Q2 META EPS Preview here.
Key Fed Decision Day
Meanwhile,Kevin Warsh will have a chance to prove his mettle as Fed Chair in a difficult environment. According to reports, Citadel expects the Fed to raise interest rates this week – which would be a huge surprise. That said, betting markets like Polymarket have high conviction that there will be no change in rate policy (80% odds). Typically, I defer to betting markets as they represent real dollars at risk.
Bottom Line
Tuesday offered some relief for beaten-down bulls. However, Wednesday will likely be another volatile session with big tech earnings and a Fed interest rate decision on deck.
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year.
Today you can access their live picks without cost or obligation.
See Stocks Free >>
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.