Market Close: Dow Drops 1,153 pts, Worst Since April '25, Meta Mixed • 7/29/26

Summary

Wall Street suffered a sharp sell-off on Wednesday, with the Dow dropping over 1,150 points for its worst session since April 2025. The decline began before the Fed held rates steady, and long-term Treasury yields surged to multi-decade highs as bond markets questioned whether inflation would be addressed. Comments from CNBC’s Mike Sani highlighted that banks particularly dislike the current type of yield curve steepening, while Fairlead Strategies noted the Nasdaq has entered correction territory. Meta shares fell after an earnings miss, while Microsoft rose on better results; key earnings from Apple and Amazon are expected Thursday.

• Dow plunges 1,153 points, worst since April 2025.
• 30-year Treasury yield hits highest since 2007, above 5.2%.
• Mike Sani warns banks dislike the current yield curve steepening.
• Fed holds rates steady; Chair Worsh cites economy's resilience.
• Katie Stockton notes Nasdaq has entered correction (down 10%+).
• Meta misses EPS expectations; Microsoft beats.
• Starbucks raises outlook; same-store sales jump nearly 8%.
• Thursday brings earnings from Apple, Amazon, and GDP data.