(Incorrect Gold print)

[Chart courtesy of MarketWatch.com]

1. Moving the market

Stocks opened with a slight uptick as investors chewed over new earnings reports and waited for the Fed’s interest rate decision.

Even a stronger-than-expected GDP print—showing the U.S. economy growing at a 3% clip last quarter, well above forecasts—wasn’t enough to distract Wall Street from the main events: rates, Fed policy, and ongoing earnings news.

Most investors were content to sit tight before the Fed announcement, and with futures putting the odds of any rate move at just 2%, nobody expected major fireworks.

Despite some political pressure, Fed Chair Jerome Powell continued to signal he’s in no rush to make changes, so traders are betting the next policy move won’t come until September at the earliest.

That wait-and-see vibe followed a down day for the markets, as uncertainty over China trade talks and the possible extension of tariff pauses weighed on stocks.

As expected, the Fed left its benchmark rate unchanged. But Powell’s comments, coupled with a dovish statement highlighting “moderating” growth, whipped up some wild swings on Wall Street. By the close, two of the three major indexes were in the red while the Nasdaq managed to just barely hang on to a gain.

Elsewhere, the dollar and bond yields shot higher after the Fed, dragging gold down to one-month lows. Oil prices rallied on the back of new threats from the White House to buyers of Russian oil, and Bitcoin slipped before bouncing at around $116,000.

But the real drama unfolded in the copper market: after a strong 15% run this month, copper reversed sharply, giving up its gains after the White House slapped a hefty 50% tariff on all semi-finished copper imports starting August 1.

With so many moving parts, from Fed signals to fresh tariffs and trade turbulence, today’s market volatility could just be the start of a wild finish to the week.

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[Chart courtesy of MarketWatch.com]

1. Moving the market

The S&P 500 started the day flat after squeezing out another record high, but excitement was nowhere to be found and trading stayed muted. By the closing bell, all the major indexes had slipped into the red, as the market couldn’t muster much momentum.

It’s a huge week for earnings, with the “Magnificent Seven” tech giants—Meta, Microsoft, Apple, and Amazon—set to report over the next couple of days. So far, 170 of the S&P 500 have shared their results, and more than 83% have beaten expectations, which has kept optimism alive even as the market treads cautiously.

Traders sorted through a scattershot of earnings on Tuesday. Boeing stock dipped, even after posting its strongest airplane deliveries since 2018, while Procter & Gamble managed a small climb thanks to a solid forecast and news of a new CEO from within its ranks.

Meanwhile, everyone’s eyes are on the Fed, which meets Wednesday—most expect interest rates to stay unchanged, but nerves are definitely showing. There’s even more on the economic calendar, including fresh GDP numbers, private payrolls, and the big July jobs report due Friday.

Elsewhere, the most shorted stocks kept heading lower, bond yields fell (boosting hopes for future rate cuts), the dollar rose a bit more, and gold bounced off its recent lows. Bitcoin took a dip early on but clawed back some ground off the $117,000 mark.

With so many major events packed into one week, could the market’s quiet spell be the calm before the storm—or will another round of surprise moves catch traders off guard?

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[Chart courtesy of MarketWatch.com]

1. Moving the market

The week started on a cautious note as the Dow, S&P 500, and Nasdaq all opened in positive territory, but by the end of the session, Wall Street turned in a “nothingburger” performance.

Despite an early rebound, the Dow lost steam later and slipped back, joining the other indexes in delivering a pretty uneventful day.

Traders didn’t seem overly excited about the much-anticipated U.S.–EU trade deal, even though it marked a big shift: Trump’s headline-grabbing threat of a 35% tariff on European goods was dialed back to a more manageable 15%. That’s still a hefty jump from where we started negotiations, but it’s seen as a win in terms of calming trade tensions.

Looking ahead, there’s a packed calendar: earnings from major tech names, a key Fed meeting wrapping up Wednesday, Trump’s tariff deadline on Friday, and crucial inflation data all on deck.

More than 150 S&P 500 companies—featuring the big “Mag 7”—will be reporting, so expect a lot of focus on what they say about AI spending and whether those investments are paying off.

This week also brings GDP numbers, personal consumption (PCE) inflation data, and the all-important jobs report. With so much uncertainty in the air, traders know a breakout—higher or lower—could be just around the corner.

Elsewhere, the most shorted stocks extended their slide, bond yields were mixed, and the Fed isn’t expected to cut rates. The dollar surged thanks to the trade agreement, which pushed gold lower. Bitcoin gave up its early rally, but still found support around $118,000.

With a loaded lineup of news ahead, will the markets finally make a move—or is this holding pattern here to stay?

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