Dow Jones rises 659 points on Coca-Cola, Sherwin-Williams earnings

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Cris Tolomia

Tue, July 28, 2026 astatine 12:03 PM CDT 2 min read

The Dow Jones Industrial Average climbed 659 points, oregon 1.3%, connected Tuesday arsenic beardown net from Coca-Cola and Sherwin-Williams lifted blue-chip stocks portion falling lipid prices added support. The S&P 500 roseate 0.3%, and the Nasdaq Composite finished small changed.

Sherwin-Williams banal surged 8% to gait the Dow aft the overgarment shaper topped second-quarter estimates. Coca-Cola banal climbed 5% aft the beverage elephantine bushed connected some gross and net and lifted its full-year guidance. Salesforce banal besides gained 5%.

A wide rotation retired of exertion and into different sectors drove overmuch of the day's action. The Technology Select Sector SPDR Fund deed its lowest level since May 7, portion the State Street Health Care Select Sector SPDR ETF and Financials ETF surged to grounds highs. Consumer-staples stocks led the S&P 500 with a 2.7% gain.

The VanEck Semiconductor ETF dropped much than 3%, marking a 4th consecutive league of losses for spot stocks. Micron shares declined astir 8% and AMD shed 7%. A driblet of astir 6% successful the PHLX semiconductor scale pushed the Nasdaq-100 into correction territory astatine its league low, though the scale recovered to adjacent supra that threshold, according to the Wall Street Journal. Software names provided a partial cushion, arsenic Microsoft precocious astir 2% and the iShares Expanded Tech-Software ETF added adjacent to 2%.

Mounting anxiousness implicit AI spending levels and China's accelerating advances successful the assemblage person pressured spot stocks, according to the Journal. The weakness extended crossed the Pacific, wherever South Korea's Kospi finished down 10% and Japan's Nikkei mislaid 4%.

Crude prices kept falling amid reports that Iran was successful talks with Saudi Arabia and Oman implicit the Strait of Hormuz. West Texas Intermediate crude futures fell 5% to conscionable supra $78 per barrel, and Brent crude shed much than 6%.

Ross Mayfield, an concern strategist astatine Baird, described the inclination arsenic a sustained method displacement alternatively than a cardinal one. "This momentum unwind has been a communicative that's been playing retired for six to 8 weeks now, and it has a batch much to bash with the technicals of the marketplace than immoderate cardinal changes," Mayfield told CNBC.

The Federal Reserve is acceptable to denote its complaint determination connected Wednesday. Fed funds futures were pricing successful a quarter-point complaint summation successful September, according to the CME FedWatch Tool.

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