Public Markets 24 Hours

Last updated: July 29, 2026, 8:30 PM ET

Federal Reserve and Market Reaction

The Federal Reserve at its latest meeting, though internal divisions were apparent with three officials advocating for an increase as reported by The New York Times. This decision, however regarding inflation, with bond markets sending a clear message that Federal Reserve Chairman Kevin Warsh's tough rhetoric is insufficient without concrete action according to Bloomberg. Consequently, Treasury yields experienced volatility and ultimately lost steam, while the dollar following the Fed's announcement as detailed by Bloomberg and WSJ. Investors remain uncertain about the Fed's future policy path, with some anticipating rate hikes later in the year as noted by The Wall Street Journal. The bond market, in particular, has shown heightened dysfunction, reaching levels not seen in nearly three years in July.

Corporate Earnings and Dealmaking

Used-car retailer Carvana, but still missed Wall Street expectations, leading shares to slump as much as 15%. In contrast, Microsoft as its Azure cloud sales surpassed $100 billion, and its AI spending also increased as highlighted by The Wall Street Journal and The New York Times. Qualcomm, however as higher memory chip prices impacted its smartphone business, leading to a soft outlook. On the dealmaking front, sandwich chain Jersey Mike's and its backers, while Fortress Investment Group from fintech unicorn Wayflyer. In the biopharmaceutical sector, Johnson & Johnson, with initial payments of $785 million and an option to acquire Sail for $2.58 billion.

Geopolitical Tensions and Commodities

Oil prices amid renewed concerns over conflict escalation in the Middle East, with President Donald Trump vowing fresh strikes in Iran and US stockpiles falling to "precariously low" levels as reported by Bloomberg and the Financial Times. US natural gas futures to settle higher. Ukraine reportedly, marking its first strikes on large processing facilities in nearly two weeks. This heightened geopolitical tension has also impacted commodity markets, with Glencore's traders benefiting from the upended markets.

Real Estate and Consumer Goods

UK property sales have experienced a "sharper than usual" summer slowdown, attributed to higher mortgage rates and economic uncertainty, creating a buyer's market according to the Financial Times. In New York City, the rollout of the second-home tax has among some residents who feel their addresses have been unduly published. Consumer goods giant Procter & Gamble is to attract inflation-squeezed consumers for brands like Tide and Bounty. Meanwhile, Sturm Ruger swung to a profit, driven by increased firearms demand and higher average selling prices.

Technology and Artificial Intelligence

Meta's shares tumbled 10% as Mark Zuckerberg defended his vision for AI "agents," while the company's profit fell 14% due to escalating AI spending as reported by the Financial Times and The New York Times. Microsoft, however as its aggressive AI spending begins to translate into revenue. The demand for AI infrastructure is so high that companies are recruiting electricians and carpenters in the thousands to build data centers. Core Weave has sweetened terms on a $2.6 billion loan to fund additional computing capacity for AI firms like Anthropic. The credit market is showing signs of pressure as Big Tech barrels toward trillions in planned AI spending, with CDS market costs for financing artificial intelligence rising as detailed by Bloomberg.

Financial Services and Asset Management

Bloomberg LP, a platform that automates private markets data collection. Grant Thornton's US arm has in a $5 billion deal, marking a significant acquisition in the professional services sector. In private credit, Ares Management Corp.'s $29 billion fund reported an increase in non-accruals, indicating ongoing industry challenges. Meanwhile, Binance.US is planning to apply for a license with the Commodity Futures Trading Commission to launch its own prediction market as reported by Bloomberg. In a notable personnel move, Jordan Rochester, known as "Mr. Brexit," left Mizuho for a role in Dubai.

Luxury Goods and Global Brands

Kering's shares rose 11% after the Gucci owner returned to growth, driven by strong demand for jewelry and eyewear. This marks a significant turnaround for the luxury group, which had seen declining sales for three years. L'Oréal's chief plans to more than triple sales of Gucci beauty products following the acquisition of the beauty license from Kering for a €4 billion deal as detailed by the Financial Times. Hermès International SCA and Kering SA shares diverged by a record margin, highlighting their differing fortunes as reported by Bloomberg. Campari confirmed its 2026 sales outlook, with aperitif demand offsetting a slump in US bourbon sales.

Other Notable Developments

New York City's pied-à-terre tax has among residents. In the UK, Greggs shares soared as the baker defied fears of a peak in sausage roll demand. Airbus profits have surged as jet deliveries rise and supply chain issues ease. The New Zealand markets watchdog CEO is on leave pending a review of workplace culture. In a somber note, Jim Leaviss, a renowned British bond investor, died at 55.