WASHINGTON, July 29, 2026 — Global financial markets were under pressure Wednesday as investors awaited a closely watched interest-rate decision from the U.S. Federal Reserve, quarterly earnings from technology giants Microsoft and Meta, and further developments in the Middle East that sent oil prices sharply higher.
The Federal Open Market Committee is scheduled to announce its decision at 2 p.m. Eastern Time, followed by a news conference at 2:30 p.m. Most investors expect the central bank to leave its benchmark interest rate unchanged, although persistent inflation concerns and rising energy prices have increased uncertainty surrounding the decision. Federal Reserve
Wall Street opened lower as investors reduced risk ahead of the announcement. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all declined during early trading, while Treasury yields moved higher.
The Fed’s accompanying statement and news conference will be closely examined for clues about the future direction of monetary policy. Higher interest rates make mortgages, credit cards, automobile loans and business financing more expensive, while lower rates can stimulate borrowing and economic activity.
Microsoft and Meta earnings in focus
Investors are also preparing for quarterly financial results from Microsoft and Meta Platforms after the closing bell.
Microsoft is scheduled to release its fiscal fourth-quarter results, with attention expected to center on its Azure cloud-computing business, artificial-intelligence investments and the cost of expanding its data-center infrastructure. Microsoft Investor Relations
Meta’s report will provide an important update on digital advertising, user engagement, artificial-intelligence spending and the company’s efforts to generate returns from its large technology investments. Meta Investor Relations
The two companies carry significant weight in major U.S. stock indexes. Strong results could improve confidence across the technology sector, while disappointing earnings or cautious forecasts could place additional pressure on global markets.
Oil prices add to inflation concerns
Renewed tensions in the Middle East pushed crude-oil prices sharply higher Wednesday, raising concerns about possible disruptions to global energy supplies. Brent crude climbed above $87 per barrel during trading as investors monitored the escalating conflict. Associated Press
Higher oil prices can increase transportation, manufacturing and consumer costs, potentially making it more difficult for central banks to bring inflation under control. A prolonged increase could also discourage the Federal Reserve from lowering interest rates—or create pressure for tighter monetary policy if inflation accelerates.
Markets worldwide are therefore confronting three major sources of uncertainty at once: the Fed’s interest-rate decision, the financial performance of America’s largest technology companies and geopolitical risks affecting energy prices.
The outcome could influence stock prices, currencies, borrowing costs and investor confidence well beyond the United States.