As of Tuesday, July 28, 2026 (4:45 PM ET close), the S&P 500 closed at 7,428.78 — up +0.21% versus Monday's 7,413.18 close (+0.21% WTD). FOMC Day 1 defensive rotation: XLV +2.47% led, XLP +1.84%, XLB +1.67%, XLY +1.58%, XLC +1.44%; tech lagged (XLK -1.80%, QQQ -0.86%); XLE -1.10% as WTI held $82.61. Iran pause extended to third day. VIX reference held at Monday's 18.67; 10Y reference at Monday's 4.64% (no fresh Tuesday prints). The 1-month 7,500 target is +0.96% above; 3-month 7,600 is +2.31% above; year-end 7,800 is +5.00% above. Wednesday: FOMC decision 2:00 PM ET (3.50-3.75% hold fully priced) + Warsh press conference 2:30 PM ET + META Q2 after-close.