S&P 500 futures are flat as oil prices jump, traders brace for Fed decision: Live updates - CNBC

The Dow Jones Industrial Average closed 1,153.18 points lower, or 2.19%, at 51,594.14 on Wednesday, July 29, 2026, marking its worst single-day decline since April 2025.
The S&P 500 fell 1.52% to 7,316.15, while the Nasdaq Composite dropped 1.74% to 24,442.94, ending more than 10% below its all-time high.
The Federal Reserve, led by Chairman Kevin Warsh, held interest rates unchanged despite three officials favoring a hike, prompting the bond market to push the 10-year Treasury yield up 7 basis points above 4.67% and the 30-year yield up 10 basis points above 5.2%, its highest since 2007.
DoubleLine's Jeffrey Gundlach argued that reaching 2% inflation would require rate increases, describing the surge in long-bond yields as "bond market vigilantes" demanding action rather than rhetoric from Warsh.
Oil prices spiked after President Donald Trump said the U.S. would hit Iran "hard" following surprise attacks on troops in the Middle East, with West Texas Intermediate crude futures climbing more than 6% to settle at $84.46 a barrel.
Semiconductor stocks extended losses as the iShares Semiconductor ETF (SOXX) fell 5.5% for a fifth straight losing session, with Micron Technology and KLA each down about 10% and AMD off 5.5%, amid concerns over AI spending returns and Chinese competition.