Stock Market Live July 28, 2028: S&P 500 (SPY) Struggling to Stay Green

Live Updates

Insider Buying: Elevance Health CEO Buys After Post-Earnings Drop

1 hour ago

Live

Elevance Health’s (NYSE: ELV) CEO Gail Boudreaux picked up 2,725 shares of the stock for $1 million just days after the stock dropped on earnings.

EPS of $7.45 beat estimates by $1.24. Revenue of $49.83 billion, up 0.8% year over year, beat by $1.2 billion. The company even raised guidance. And it declared a $1.72 per share dividend, which is payable on September 25 to shareholders of record as of September 10.

Yet, the stock dropped on a pullback in core profit margins and rising medical costs.

Markets are mixed this morning as investors react to company earnings, technology stocks, and the latest news from the Federal Reserve. At the moment, the S&P 500 is up by 0.03%, or by about two points. The SPDR S&P 500 ETF (SPY) is up about 0.15%, or by $1.08. The Dow is up by about 0.77%, or by 400 points, as the Nasdaq sinks by 0.8%, or by 225 points.

Tech Leading the Nasdaq Decline

The biggest story today is the pullback in technology stocks, especially companies that make computer chips. These businesses have done very well over the past year because of excitement about artificial intelligence (AI). However, some investors now believe these stocks have become too expensive. As a result, many are selling shares and taking profits.

Not helping, semiconductor stocks are down on more weakness in Asia and Europe. SK Hynix, for example, dropped about 14.5% at the close.  “Sharp swings in SK Hynix shares underscore the uncertainty surrounding the AI investment cycle, said Acadian Asset Management’s senior vice president Owen Lamont, arguing that investors still have little visibility into how the technology will ultimately affect the economy,” added CNBC.

Technology companies are not the only focus today. Investors are also watching several companies that reported their latest earnings.

UPS had good news this morning. The shipping company earned more money than expected and said it expects business to remain strong for the rest of the year. Coca-Cola also reported better-than-expected results. Strong sales helped the company raise its outlook for the coming months. Boeing also released its earnings report. The airplane maker brought in more revenue than expected, but it still reported a larger loss than many analysts had predicted.

All Eyes on the Federal Reserve 

Another major event this week is the Federal Reserve’s policy meeting, which begins today.

Most experts do not expect interest rates to change right now.

Even so, investors will pay close attention to what Federal Reserve officials say about the economy and future rate decisions. Interest rates are important because they affect the cost of borrowing money. Higher interest rates can slow spending by consumers and businesses. Lower rates usually encourage more spending and investing. That is why every comment from the Federal Reserve can move the stock market.

As the trading day continues, investors will watch to see if technology stocks recover or continue to fall. They will also pay attention to more company earnings reports and any news coming from the Federal Reserve meeting.

For now, the mood on Wall Street is cautious but not overly worried. Investors are taking a closer look at technology stocks while keeping an eye on the broader economy. By the end of the day, new earnings reports and market news could change the direction of trading. Until then, Wall Street is taking a careful approach.

Contact [email protected] for any questions or corrections.