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Live Nasdaq Composite: Stocks Fall As Oil Surges And Chip Stocks Drop Nearly 7% This Week

By Gerelyn Terzo · Updated Jul 29, 12:03pm ET · Published Jul 29, 9:39am ET

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Buying the Dip

BofA clients kept buying U.S. stocks last week, extending their equity-buying streak to four weeks even as the S&P 500 slipped 0.6%. Institutions led the charge with their largest weekly net purchases since December 2020, while retail investors also bought and hedge funds sold for a third straight week. Technology, Financials, and Industrials attracted the strongest flows, suggesting many investors are still treating weakness as an entry point instead of an exit sign.

Wall Street Predicts Hawkish Fed

The Dow Jones Industrial Average has flipped from green to red, now down 800 points or 1.5%, while the Nasdaq Composite is off 1%.

JPMorgan’s base case is a hawkish Fed hold, which it says could leave the S&P 500 flat to slightly lower. The bullish surprise would be a dovish hold, with room for the index to rise up to 1%. The threat is a 25-basis-point hike, a scenario the firm says could send the S&P 500 down 1.5% to 2%, with the Nasdaq likely taking the harder hit.

Fed Rate Hike Odds

Kalshi traders are pricing a 77% chance the Fed stays put and a 23% chance of a surprise 25-basis-point hike. Citadel Securities is leaning the other way, expecting Chair Kevin Warsh to raise rates and reassert the Fed’s inflation-fighting credibility.

If Warsh hikes, markets may read it as a clean break from forward-guidance comfort. If he holds, traders will be watching for whether September remains live. Either way, today’s message could shape the rate path, and the equity tape, for the rest of 2026.

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The story so far

This article will be updated throughout the day, so check back often for more daily updates. 

Stocks pointed lower as oil prices surged and investors braced for the Federal Reserve’s next move. At last check, the Nasdaq Composite is eking out a fractional gain, while the S&P 500 is lower and the Dow Jones Industrial Average is giving back recent gains, spiraling by over 400 points. Brent crude jumped about 7% to roughly $89.94 per barrel, while WTI climbed 6.9% to around $84.69 after President Trump warned the U.S. would respond forcefully to an attempted attack on American forces in the Middle East.

Semiconductors remain the weak link. The iShares Semiconductor ETF (Nasdaq: SOXX) extended its recent losses, leaving chip stocks down nearly 7% for the week. SK Hynix (Nasdaq: SKHY) added to the pressure, with its U.S.-listed shares slipping after strong results still missed elevated expectations. The setup is tense: oil is doing the Fed no favors, and the AI trade is still looking for its footing.

Here’s a look at where things stand as of pre-morning trading:

Dow Jones Industrial Average: 52,308 Down 0.83%
Nasdaq Composite: 24,883 Up 0.03%
S&P 500: 7,423 Down 0.07%

Market Movers

Semiconductors remain the weak link, and the volatility is now spilling across borders. The iShares Semiconductor ETF (Nasdaq: SOXX) was slightly lower premarket after four straight losing sessions, leaving chip stocks down nearly 7% for the week. South Korea’s tech-heavy Kospi has become one of the clearest global pressure points, sliding 16% over the past two sessions as AI-spending doubts and China competition hit the country’s semiconductor giants.

SK Hynix (Nasdaq: SKHY) added to the pressure, with its U.S.-listed shares slipping after strong results still failed to clear elevated expectations. The memory chip giant reported revenue of 54.6 billion versus expectations of 57.7 billion. In a market already questioning AI capex and chip momentum, even a miss from a memory leader gives traders another reason to stay defensive.

SoFi (Nasdaq: SOFI) beat on both the top and bottom lines, with EPS of $0.12 versus $0.11 expected and revenue of $1.2 billion ahead of the $1.11 billion estimate. The stock is spiraling by 9.4%, suggesting investors wanted more than a clean beat. YTD SOFI shares are down 42%.

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Gerelyn Terzo

Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.

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