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Nasdaq Scores Triple-Digit Pop as Wall Street Eyes Fed Decision

It was a mixed day for markets. The tech-heavy Nasdaq landed a triple-digit gain with support from upbeat earnings in the tech space, while the S&P 500 settled quietly lower, and the Dow ended the day with an 127-point drop. The long-awaited conclusion of the The Federal Open Market Committee's (FOMC) two-day policy meeting grabbed Wall Street's attention this afternoon. The Fed said it is keeping interest rates near zero, as expected, adding that the economy is not yet strong enough to stand a tighter monetary policy. Meanwhile, the U.S. trade deficit in goods rose 3.5% in June to a record $91.2 billion.

Continue reading for more on today's market, including:

  • 2 FAANG stocks bombarded with post-earnings bull notes.
  • Why CHWY looks like a good pick for options bulls. 
  • Plus, Visa stock cools from record high; BA takes off after quarterly beat; and SPOT gaps lower. 

The Dow Jones Average (DJI - 34,930.93) fell 127.6 points, or 0.4%. Of the 30 Dow components, Boeing (BA) was at the top of the list today, adding 4.2%, while McDonald's (MCD) landed at the bottom of the list with a 1.9% drop. 

Meanwhile, the S&P 500 Index (SPX - 4,400.64) shed 0.8 points, or 0.02%, and the Nasdaq Composite (IXIC - 14,762.58) gained 102 points, or 0.7%.

Lastly, the Cboe Volatility Index (VIX - 18.31) lost 1.1 points, or 5.4%.

closing indexes july 28

nyse and nasdaq july 28
  1. The Bitcoin Strategy ProFund, with the ticker BTCFX, is the newest open-end mutual fund, offering investors access to cryptocurrency through futures contracts. (Marketwatch)
  2. A highly anticipated initial public offering (IPO), Robinhood, will start trading on Thursday under the ticker HOOD.  (CNBC)
  3. A bevy of bull notes were offered up after Visa's earnings beat.
  4. What launched Boeing stock higher after its quarterly report. 
  5. How a monthly active user miss scorched Spotify stock. 

Earnings July 28

Unusual Options Activity July 28

Oil Prices Nab Two-Week High

Oil prices rose today, amid weekly declines in supply and data showing strong overall demand in comparison to a year ago. September-dated crude rose 74 cents, or 1%, to settle at $72.39 a barrel -- its highest finish in two weeks. 

August-dated gold futures closed 10 cents lower, or 0.01%, to settle at $1,799.70 an ounce. Since the FOMC meeting conclusion, gold futures have fallen even lower in electronic trading. 

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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