Wall Street's main indexes dropped on Wednesday as investors awaited the Federal Reserve's monetary policy verdictagainst the backdrop of an 8% jump in oil prices, while chip stocks remained under ‌pressure ahead of Big Tech earnings.

The benchmark S&P 500 (SPX),  hit its lowest level in a month, while the tech-heavy Nasdaq (.IXIC), was at a three-month low, dropping over 9% from its June record high.

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# Wall St falls ahead of Fed verdict, [megacap earnings](https://www.reuters.com/business/sp-500-nasdaq-futures-inch-up-before-fed-decision-chip-stocks-wobble-2026-07-29/)

> Wall Street's main indexes dropped on Wednesday as investors awaited the Federal Reserve's monetary policy verdictagainst the backdrop of an 8% jump in oil prices, while chip stocks remained under ‌pressure ahead of Big Tech earnings.

> The benchmark S\&P 500 (SPX),  hit its lowest level in a month, while the tech-heavy Nasdaq (.IXIC), was at a three-month low, dropping over 9% from its June record high.

Wall St falls ahead of Fed verdict, megacap earnings