As of Wednesday, July 29, 2026 (4:45 PM ET close), the S&P 500 closed at 7,316.15 — down -1.52% versus Tuesday's 7,428.78 close (-1.31% WTD). The FOMC voted 9-3 to hold at 3.50-3.75% (three dissents for hike); Warsh refused to call it a "pause." 10Y +5 bp to 4.657%, 30Y +9 bp to 5.193% — curve steepening. Trump's Iran threat pushed Brent above $90. Cyclicals sold off (XLI -3.20%, XLK -2.25%, QQQ -2.15%, XLF -1.60%); defensives outperformed (XLP -0.18%, XLRE -0.11%, XLV -0.93%); energy gained (XLE +1.67%); gold held (GLD +0.97%); TLT -1.80%. VIX held Tuesday's 18.21. The 1-month 7,500 target is +2.51% above. Next: AMZN Q2 (Thu Jul 30), Q2 GDP + July PCE (Fri Jul 31), Warsh Jackson Hole (Aug 27-29).