30 Jul 2026

The Dow Jones Industrial Average closed 1,153.18 points lower, or 2.19%, for its worst decline since April 2025

Stocks tumbled for a myriad of reasons Wednesday, but mostly because the bond market signaled the Federal Reserve could be falling behind on the inflation fight as the central bank chose to keep interest rates unchanged. The S&P 500 slid 1.52%. The Nasdaq Composite fell 1.74% to 24,442.94, ending the session more than 10% off its all-time high. The Fed kept to the sidelines in its latest rate decision, and the bond market responded with the 10-year Treasury yield jumping 7 basis points to above 4.67%. The 30-year Treasury yield soared 10 basis points to above 5.2%, hitting its highest level since 2007. Three officials wanted a hike, but the Fed still stood pat on rates. And Fed Chairman Kevin Warsh’s tough talk failed to convince the bond market.

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