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S&P 500 up 0.03% and SPY up $1.08 while Dow climbs 400 points and Nasdaq falls 225 points amid a 14.5% SK Hynix drop and mixed earnings – see the numbers that
The S&P 500 inched higher by 0.03% (about two points) as the Dow added 400 points and the Nasdaq slipped 225 points, while the SPDR S&P 500 ETF (SPY) rose $1.08, or 0.15%, on July 28, 2028 [1].
| At a glance | |
|---|---|
| S&P 500 change | +0.03% (≈ +2 points) |
| SPY price move | +$1.08 (+0.15%) |
| Dow Jones change | +0.77% (+ 400 points) |
| Nasdaq change | –0.8% (– 225 points) |
| SK Hynix drop | –14.5% (largest chip‑stock fall) |
The market split was driven by a pullback in AI‑linked semiconductor names. SK Hynix fell 14.5% at the close, prompting Acadian’s Owen Lamont to note “sharp swings … underscore the uncertainty surrounding the AI investment cycle” [1]. The broader tech sell‑off weighed on the Nasdaq, which lost 0.8% (225 points), while the Dow held its gains.
At the same time, earnings mixed the narrative. Elevance Health (ELV) posted EPS of $7.45, beating consensus by $1.24, and revenue of $49.83 billion, up 0.8% YoY, while raising guidance and declaring a $1.72 per‑share dividend [1]. Despite the beat, the stock fell, prompting CEO Gail Boudreaux to buy 2,725 shares for $1 million [1]. Other reports included UPS beating expectations and Boeing delivering higher revenue but a larger loss than analysts forecast [1].
The modest SPY rise to $740.86 reflects a 0.33% gain in the past 24 hours, with its net asset value at $738.93, up 0.87% over the month [2]. TradingView commentary suggests the ETF is testing the lower edge of its recent range, with a potential move back toward the range bottom if the breakout fails [2]. The VIX remains in a falling wedge, indicating subdued volatility despite the equity split.
The market’s cautious tone reflects lingering doubts about the durability of the AI‑driven chip rally, even as earnings beat expectations in health care. How the Fed’s commentary and upcoming tech results unfold will determine whether the S&P 500 can sustain its modest gains or slip back into a broader correction.
Coverage is mostly measured — 181 of 214 reports stay neutral.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jul 29, 2026 · How we report
The Nasdaq fell as investors sold AI‑inflated chip stocks and took profits, with semiconductor weakness highlighted by SK Hynix’s 14.5% drop.
Elevance Health reported earnings per share of $7.45, beating expectations by $1.24, and revenue of $49.83 billion, up 0.8% year‑over‑year, while also raising its guidance and declaring a $1.72 per share dividend.
Most experts do not expect an interest‑rate change at the meeting, though investors will watch for any commentary on the economy and future rate decisions.