Dow Gains, Oil Slumps, Apple Retakes Top Spot Before FOMC
As of 2026-07-28 07:00 SGT
Key points
- Wall Street closed mixed Monday: the Dow added more than 250 points as sliding oil prices eased inflation worries, the S&P 500 finished essentially flat, and the Nasdaq gave back an earlier 286-point gain to close down 43.74 points
- Chip-equipment names including ASML and SK Hynix were among the day's biggest movers; Nvidia fell roughly 5% on renewed "circular financing" concerns tied to a reported $250 billion AI-buildout backstop for OpenAI. Apple bucked the trend, closing at a record high and reclaiming the title of world's most valuable company from Nvidia
- WTI crude settled sharply lower near $82.61 a barrel, down more than 7% intraday, as the pause in US-Iran hostilities eased Strait of Hormuz supply fears; the pair now trades at $81.96 (-0.79%)
- USD/JPY and EUR/USD both moved less than 0.1%, holding at 163.72 and 1.1373 respectively; the US 10-year yield eased to 4.641% (-3.8bp)
- The FOMC meets July 28-29, with the decision due July 30 SGT (forecast: 3.75%); Trump renewed his call for lower rates ahead of the meeting while continuing to back Fed chair nominee Kevin Warsh
Market snapshot
| Instrument | Level | Change |
|---|---|---|
| USD/JPY | 163.72 | -0.04% |
| EUR/USD | 1.1373 | -0.02% |
| Nikkei 225 (close) | 64,931 | +0.50% |
| Hang Seng (close) | 25,207 | +0.98% |
| Dow futures | 52,396 | +0.03% |
| S&P 500 futures | 7,445.25 | -0.04% |
| Nasdaq 100 futures | 28,136 | -0.19% |
| Gold futures | 4,075.20 | -0.04% |
| WTI crude | 81.96 | -0.79% |
| Bitcoin | 63,642 | -2.59% |
| US 10-yr yield | 4.641% | -3.8bp |
Foreign exchange — steady, awaiting the Fed
USD/JPY held in a tight range near 163.72 (-0.04%), inside Monday's 163.76-163.33 band, with the softer oil price offering only limited yen support. EUR/USD eased to 1.1373 (-0.02%), pulling back from Monday's 1.1418 high. USD/JPY should stay confined to a narrow range into today's Tokyo open, with directional conviction on hold until the FOMC verdict.
Equities — mixed Wall Street close, Tokyo set to open soft
Wall Street closed mixed on Monday: the Dow added more than 250 points as falling oil prices eased inflation angst, the S&P 500 finished essentially flat, and the Nasdaq slipped 43.74 points, giving back an earlier 286-point gain. Chip-equipment names including ASML and SK Hynix were among the day's biggest movers, while Nvidia fell roughly 5% as concerns resurfaced over "circular financing" in its AI investment plans, including a reported discussion with OpenAI over a backstop of up to $250 billion for AI buildout. Apple bucked the trend, closing at a record high and reclaiming the title of world's most valuable company from Nvidia. The Nikkei 225 itself closed Monday at 64,931 (+0.50%). Chip-related sentiment looks set to carry into today's session, with Asian markets likely to take an early cue from the overnight semiconductor weakness even as investors look toward this week's Fed decision.
Macro — Fed week begins after soft durable goods data
US durable goods data came in weak in June, per market commentary, ahead of a stacked central-bank calendar this week. The FOMC meets July 28-29, with the rate decision due July 30 SGT (forecast: 3.75%); Trump renewed his call for lower rates ahead of the meeting while continuing to back Fed chair nominee Kevin Warsh. Tonight brings US Consumer Confidence (forecast 92.4) ahead of the FOMC decision due in the early hours of July 30 SGT.
Commodities — oil slumps on Iran de-escalation, gold steady
WTI crude settled sharply lower near $82.61 a barrel — down more than 7% intraday — as the pause in US-Iran hostilities eased supply-disruption fears around the Strait of Hormuz; the pair now trades at $81.96 (-0.79%), well below Monday's $92.83 high. Brent crude slipped below $90 a barrel. Gold eased to $4,075.20 (-0.04%), holding broadly steady after touching an intraday high near $4,116.20 in Asian trading. The oil slide is doing double duty, easing inflation pressure while removing one prop under safe-haven demand.
Geopolitics — pause holds into a second day
The pause in US-Iran hostilities extended into a second day. Trump dismissed concerns about dwindling stockpiles of interceptor missiles, a factor the New York Times reported had contributed to the decision to hold off on further escalation. Israeli Prime Minister Netanyahu arrived in Washington and is set to meet Trump this week, with Iran high on the agenda. The de-escalation looks fragile rather than settled, with military logistics as much a factor as diplomacy.
Upcoming events
| Time (SGT) | Region | Event | Impact |
|---|---|---|---|
| 07/28 11:05 | AU | RBA Gov Bullock Speaks | High |
| 07/28 22:00 | US | CB Consumer Confidence (forecast 92.4) | Medium |
| 07/29 09:30 | AU | CPI y/y (forecast 4.0%) | High |
| 07/30 02:00 | US | Fed Funds Rate (forecast 3.75%) | High |
| 07/30 19:00 | UK | Official Bank Rate (forecast 3.75%) | High |
| 07/31 07:30 | JP | Core CPI y/y (forecast 1.8%) | Medium |