Y'all Street Daily
The Fed left rates unchanged with three officials pushing for a hike, and Microsoft's beat could not offset Meta's miss.
Market Snapshot
The tape is still working off Wednesday's Fed decision, when all three major indexes sold off and the Dow gave back around 2.2%.
Gold pushed to fresh records around 4,138 while the dollar and oil barely moved, a classic risk-off split.
The VIX cooled around 19 after spiking above 20 on the decision, so the tone looks more like repricing than outright fear.
Microsoft, Meta and Nvidia are carrying the AI story today.
Microsoft cleared estimates on Azure strength, Meta missed as costs ballooned, and Nvidia slid around 3.5% as traders trimmed chip exposure into the reports.
Main Story
The Fed held its benchmark rate around the 3.50% to 3.75% range, but the vote is what moved markets.
Nine officials voted to hold while three dissented in favor of a hike, and Chair Kevin Warsh reiterated that the 2% inflation target is not negotiable.
Most desks read the hold as hawkish, since dissents pointing toward higher rates suggest the bar for any cut this year is rising.
Watch the growth data next, because a Fed that stays firm into a slowing economy is what hit long-duration tech hardest.
Chart of the Day
The Nasdaq Composite has been sliding since the middle of July, and Wednesday's drop to around 24,443 extended a clean four-week downtrend.
Every bounce has been sold, with the mid-July peak near 26,280 now well in the rearview.
The line is testing the lower end of its recent range, so the next few sessions decide whether this is a pause or something deeper.
Technical Trading
A few levels worth marking after the selloff.
The S&P 500 sits around 7,316, below its 200-day moving average near 7,480, the level bulls want to reclaim.
The S&P's 14-day RSI is around 38, approaching oversold but not quite there.
The Nasdaq's RSI has slipped near 32, deep enough that a short-term bounce would not surprise.
Global News
European equities rallied against the US tape, with the CAC 40 up around 1% and the broader region firmly green.
Asian markets were mixed, as the Nikkei added around 0.7% while Korea's Kospi fell around 1.2%.
The 30-year Treasury yield ticked up toward 5.14%, keeping pressure on rate-sensitive corners of the market.
Brent held around 90 and WTI near 84, leaving energy one of the few sectors still solidly positive on the year.
Texas News
The Texas Stock Exchange is now fully operational out of Dallas, giving North Texas its own equities venue for the first time.
The metro keeps pulling in financial firms, with JPMorgan, Goldman Sachs and Bank of America all expanding regional operations.
Looking Ahead
Thursday, July 30: Amazon and Apple report after the close, the next real test of whether AI spending is turning into profit.
Friday, July 31: The June PCE inflation print lands, the Fed's preferred gauge and a direct read on that firm-on-inflation stance.
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Prices from Yahoo Finance and CNBC. Technical levels from Investing.com and Barchart. News from Reuters, CNBC and Axios.
For informational purposes only. Not investment advice. Prices are indicative opening levels and may differ from your broker.