Daily Briefing — July 29, 2026 | A Hawkish Fed, a Resumed War, and Big Tech's Split Verdict

Markets suffer their worst Fed-decision day in over a year and a half after Iran launches a surprise missile attack ending the recent lull in fighting, and the Federal Reserve holds rates steady on a notably split 9-3 vote that sent long-term Treasury yields to their highest levels since 2007. We cover the Dow's worst single-day drop since April 2025, a second consecutive day of steep losses for chip stocks in South Korea and the US including Qualcomm's earnings miss, and a rare bright spot in Ford's strong quarterly beat. After the close, Meta and Microsoft deliver starkly different results: Meta's revenue beat is overshadowed by a 14% profit decline and no 2027 spending guidance, while Microsoft's Azure growth and surging contracted revenue give investors a much clearer answer on AI monetization. We close with gold's continued climb and where bitcoin stood heading into the Fed decision. This episode is for informational purposes only and does not constitute financial, investment, legal, or tax advice.