A brief pullback hit Wall Street as lackluster health‑care and logistics earnings met tariff worries and pre‑Fed suspense. Major indices slipped from record territory, volatility ticked up, and traders rotated out of recent winners while waiting for policy clues and Apple/Microsoft results.
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Market Snapshot (July 29 Close)
| Gauge | Level | 1‑Day Move |
| ————– | ——— | ———- |
| **S\&P 500** | 6,370.87 | –0.30 % |
| **NASDAQ 100** | 23,308.30 | –0.21 % |
| **CBOE VIX** | 15.98 | +6.3 % |
| **Bitcoin** | \$117,112 | –1.37 % |
*The S\&P 500 snapped a six‑session record streak, underscoring fragile momentum* .

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1️⃣ Earnings Drag Sets the Tone
* **UnitedHealth** missed estimates and trimmed full‑year guidance, sparking sector‑wide selling.
* **Merck** reported lower Q2 revenue and flagged margin pressure despite oncology strength.
* **UPS** delivered numbers in line but withheld forward guidance, unsettling cyclicals.
*Takeaway:* Even defensive names can disappoint when valuations run hot.
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2️⃣ Tariff Fog Lingers
* A fresh **U.S.–EU trade pact** imposes a 15 % “baseline” tariff on a broad swath of goods, replacing steeper levies but leaving many details unresolved. ([Car and Driver](https://www.caranddriver.com/news/a65542782/us-european-union-trade-deal-car-tariffs/?utm_source=chatgpt.com))
* Analysts warn that the agreement’s ambiguity keeps supply‑chain costs—and headline risk—alive.
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3️⃣ All Eyes on the Fed
* The **FOMC wraps its two‑day meeting today;** futures overwhelmingly price in another hold at 4.25 %‑4.50 %.
* Chair Powell is expected to stress *data dependence* while fielding questions on tariffs’ inflation impact. ([Kiplinger](https://www.kiplinger.com/investing/economy/this-weeks-economic-calendar?utm_source=chatgpt.com))
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4️⃣ Big‑Tech Earnings Loom
| Company | Report Date | Street View |
| ——————– | ———– | ————————— |
| **Microsoft (MSFT)** | **July 30** | EPS \$3.38 on rev \$73.8 B |
| **Apple (AAPL)** | **July 31** | EPS \$1.42 on rev \$90 B |
*A positive print from either could re‑ignite growth momentum after Tuesday’s pause.*
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5️⃣ Market Sentiment & Volatility
Perplexity’s digest still tags sentiment **“Upbeat,”** noting buyers stepped in on weakness even as the VIX flirted with 16.
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Investor Playbook
1. **Trim health‑care laggards; rotate into quality industrials** that could benefit from infrastructure spend.
2. **Hedge tariff exposure** via domestically focused retailers or option overlays on exporters.
3. **Stay nimble around the Fed:** short‑dated straddles can capture post‑statement swings.
4. **Watch margin commentary** from MSFT/AAPL—guidance may steer the next leg more than macro headlines.
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Suggested Visuals
* **Sector heat‑map** (Finviz) highlighting Tuesday’s red in health‑care & transport.
* **Line chart** of S\&P 500 versus VIX over the past month to illustrate divergence.
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