Market Midday: Stocks Slide, Dow Falls 850, Nasdaq in Correction • 7/29/26

Summary

US stocks sold off sharply, with the Dow falling over 850 points and the Nasdaq entering correction territory. Ahead of the Fed's rate decision, oil prices rose on Iran tensions and inventory draws. Technical analyst Katie Stockton flagged deteriorating momentum for the S&P 500, while macro strategist Neil Dutta warned that core inflation and oil could push the Fed toward a hike. Corporate updates included a cautious P&G CFO citing cost headwinds and a Meta earnings preview focused on AI payoff and user engagement.

• Dow drops 867 points, S&P 500 down ~1%, Nasdaq down >1% and in correction.
• Fed expected to hold rates, but Neil Dutta argues hawks should consider a hike given inflation and oil.
• Katie Stockton sees S&P 500 momentum breakdown, mirroring Nasdaq's correction.
• Oil higher on Trump's Iran threat and drawn-down inventories, per Dutta.
• P&G CFO Andre Schulten cites billion-dollar headwind from oil and supply chain issues.
• Meta to report earnings; key metric daily active people declined sequentially in Q1.
• Coca-Cola, GM, and Apple hit fresh all-time highs despite broad market sell-off.