CNBC — 2026-07-29#

Lead Story#

The Federal Reserve held its key interest rate steady at 3.5% to 3.75% amid a highly divided committee where three regional presidents dissented and pushed for an immediate rate hike. Fed Chair Kevin Warsh offered few forward-looking cues during his press conference, stoking market uncertainty and sending long-dated Treasury yields soaring to their highest levels since 2007.

Markets & Economics#

The U.S. Federal Reserve’s decision to maintain rates sparked a stark market reaction, with the 30-year Treasury yield spiking above 5.2% while short-end rates dipped. DoubleLine Capital CEO Jeffrey Gundlach noted that the bond market is essentially telling Warsh to act decisively on inflation if he genuinely wants to hit his 2% target. Elsewhere, oil prices jumped sharply after Iran launched a surprise ballistic missile attack on U.S. forces, pushing West Texas Intermediate crude up nearly 7% to near $90 a barrel. These geopolitical tensions have exacerbated supply concerns just as the U.S. Strategic Petroleum Reserve faces operational strain following historic, massive drawdowns over the past few years.

Business & Earnings#

Mega-cap tech earnings are driving massive post-market moves, with Microsoft jumping 7% in extended trading on accelerating Azure growth and Meta Platforms sinking nearly 10% after issuing a soft revenue forecast. Auto giant Ford surged 5% after topping Q2 earnings expectations, with CFO Sherry House highlighting the firm’s resilience to recent supply chain headwinds in a CNBC interview. Over in Europe, UBS CEO Sergio Ermotti posted a 64% surge in pre-tax profit to $3.6 billion and dismissed recent AI-driven market volatility as a “healthy” correction during a Squawk Box Europe appearance. Additionally, Tim Cook is preparing for his final earnings call as Apple’s CEO just as the company navigates a severe memory chip shortage and rolls out a new iPhone leasing program with Klarna.

Investing & Commentary#

A notable market rotation is underway as investors cycle out of high-flying AI infrastructure plays and into value and defensive sectors like consumer staples and healthcare. Jim Cramer highlighted Seagate as the “key to this market” after its picture-perfect earnings, suggesting its performance might be the ultimate test for the beleaguered AI sector’s momentum. Meanwhile, Fairlead’s Katie Stockton warned there is still risk to the downside for the Nasdaq 100, pushing analysts to recommend a pivot to resilient, cash-generating businesses like Costco and ServiceNow.

Also Worth Watching#

• How a family business went from bankrupt to $1.6 billion a year in sales: Jack Link’s founder turned a 1985 bankruptcy into a massive beef jerky empire.
• AI boom sparks charitable giving: Here’s what to know: The surge in AI wealth is leading to massive private share donations to charitable causes.
• OpenAI CEO Sam Altman to meet with White House Chief of Staff Susie Wiles this week: Altman is heading to Washington to discuss AI frameworks ahead of an August 1 deadline for Trump’s executive order.
• A self-made millionaire and an investing CEO discuss money, power and success: Vivian Tu and Sylvia Kwan tackle gender pay parity, investing, and achieving financial independence.
• Stacy Rasgon: Finding comfort in semiconductor fundamentals despite recent weakness: The semiconductor analyst breaks down why the long-term outlook for chips remains intact.