US Stock Market Today: S&P 500 Futures Slip As Fed Rate Jitters Build

The Morning Bull – US Market Morning Update Wednesday, Jul, 29 2026

US market futures are slightly softer this morning, with E-mini S&P 500 contracts down 0.03% while Nasdaq-100 futures are weaker by around 0.6%. The key tug of war is between a firm US interest rate backdrop and pockets of economic resilience. Durable goods orders in June rose 0.3%, short of forecasts, yet a 0.9% lift in core business equipment orders points to companies still spending on long term projects. At the same time the 10 year US Treasury yield sits near 4.64% ahead of this week’s Federal Reserve decision. This keeps borrowing costs front and centre for rate sensitive areas such as growth stocks and real estate investment trusts, as investors weigh whether steady business demand can offset higher financing pressures for these sectors.

With higher yields pressuring growth and rate sensitive stocks, focus on 83 resilient stocks with low risk scores before volatility picks up.

Top Movers

• IQVIA Holdings (IQV) jumped 13.94% after Q2 earnings, raised 2026 revenue guidance, and analyst price target upgrades.
• Incyte (INCY) gained 9.30% following strong Q2 results, higher full year guidance, and multiple target hikes.
• Sherwin-Williams (SHW) rose 8.25% as Q2 results, updated guidance, and buyback progress kept investor attention on the stock.

Is IQVIA Holdings still a smart investment or just hype? Read our most popular narrative and get all the answers you need.

Top Losers

• Sandisk (SNDK) fell 14.25% after earnings commentary highlighted memory pricing pressure and cautious demand signals.
• Corning (GLW) declined 12.10% following Q2 results, a softer revenue outlook midpoint, and a Citi price target cut.
• Bloom Energy (BE) dropped 11.34% despite record Q2 revenue, its first quarterly profit, and raised 2026 revenue guidance.

Look past the noise – uncover the top narrative that explains what truly matters for Sandisk’s long-term success.

On The Radar

Earnings from mega cap tech and consumer brands will share the spotlight with the Federal Reserve decision and rate backdrop.

• Fed policy backdrop stays in focus on Wednesday as durable goods data and a 4.64% 10 year yield frame rate expectations.
• Microsoft (MSFT) reports Q4 results After-Market on Wednesday, offering a sector-wide read on enterprise and AI spending priorities.
• Meta Platforms (META) posts Q2 results After-Market on Wednesday, with attention on digital advertising trends and spending plans.
• Apple (AAPL) reports Q3 results on Thursday, providing a combined view of hardware demand and services momentum.
• US earnings across energy and healthcare including ExxonMobil (XOM) and AbbVie (ABBV) on Friday will highlight cash flow strength and R&D investment priorities.

Use our Portfolio or Watchlist features to track market-moving events like these and get alerts for the companies you own, free!

How To Act On Today’s Market

Go beyond the usual big tech headlines and move quickly because high quality setups do not stay ignored for long, with 56 AI infrastructure stocks built to spotlight companies powering today’s AI spending and tomorrow’s data demand.

Ready to take control of your search for new ideas? Our stock screener lets you set custom filters that fit your style and turn on timely alerts so you never miss a potential opportunity.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com