By William Collins, consultant in stock markets – Eurasia Business News, July 28, 2026. Article no 3034
The Dow Jones large-cap index (DJI) gained 1.1%, the benchmark S&P 500 index (SP500) rose 0.3%, while the tech-heavy Nasdaq Composite (COMP:IND) fell 0.1%.
A nearly 6% drop this morning in the PHLX semiconductor index, packed with names like Nvidia, Intel and Micron, briefly pulled the Nasdaq-100 index into correction territory, or 10% below a recent high. The Nasdaq composite also approached a correction, before both tech-heavy benchmarks pared losses.
Eight of the 11 S&P sectors were in the green, led by consumer staples, while information technology has suffered the most so far.
Stocks generally moved higher as the earnings deluge continued. Boeing (BA), Ford (F), PayPal (PYPL), and Coca-Cola (KO) all rose after reporting results, with Coca-Cola stock on track for its best day since 2009. Investors will be watching SK Hynix’s results due around 8 p.m. ET for insight into the memory trade as AI worries swirl.
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Overseas, Asian tech shares sold off, with South Korea’s Kospi index ending the day 10% lower and Japan’s Nikkei dropping 4%. Concerns have been mounting over the cost of the AI boom and signs that China is catching up in the technological arms race.
European stock markets posted modest gains on Tuesday, as a global semiconductor selloff was offset by positive corporate earnings and declining oil prices.
The Euro STOXX 50 rose about 0.3% and the STOXX Europe 600 gained 0.2% to 645.6, as investors focused on a fresh round of corporate earnings and welcomed the further decline in oil prices as the US-Iran pause in hostilities held.
Early in the session, Germany’s DAX gained 0.6% to 25,511.93, Paris’s CAC 40 added 0.5% to 8,450.71, and London’s FTSE 100 picked up 0.6% to 10,846.42. The STOXX 600 held at 645.32 in morning trading.
Markets continued to price two additional ECB hikes, the first in September, with Governing Council member Kazimir calling for at least one more hike despite Middle East developments.
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Oil prices were under pressure amid hopes for US–Iran diplomacy, with Brent crude around $87.8/bbl and WTI near $82/bbl during the day.
Gold’s spot price was around $4,032/oz at 9:00 AM ET, down about $61 from the previous day, and settled near $4,046/oz, a decline of roughly 1.2%.
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Silver spot was around $57.37/oz in the morning, down sharply from the prior close near $60, and settled at $57.68/oz, off about 1.2% on the day.
Both metals tracked lower as the dollar strengthened and markets positioned ahead of the Federal Reserve meeting scheduled for that day. The gold-silver ratio stood around 69.6:1. Silver’s sharper intraday drop (briefly down over 4%) reflected its higher volatility compared to gold, though it recovered most losses by the close.
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© Copyright 2026 – Eurasia Business News. Article no. 3034
Eurasia Business News 