US stocks head into Tuesday's open with a split personality — a sell-off in Korean memory chipmakers is dragging tech lower while the Dow leans on defensive earnings, a day before the Federal Reserve's decision. Falling oil and a run of earnings beats aren't enough to steady the AI trade.

Futures now

As reported by Yahoo Finance pre-bell: S&P 500 futures ~7,445 (−0.1%), Nasdaq-100 futures ~28,037 (−0.5%), and Dow futures ~52,484 (+0.2%). The single biggest driver: South Korea's Kospi tumbled 10.8% as SK Hynix (−14%) and Samsung Electronics (−13%) were dumped, reviving worries about "circular financing" in AI after reports Nvidia is weighing a $250bn funding backstop for OpenAI. The VIX ticked up near 18.8.

Pre-market movers

• Coca-Cola (KO) beat — adjusted EPS $0.97 vs $0.93, revenue $13.38bn vs $13.16bn — a prop for the Dow (TheStreet).
• PayPal (PYPL) topped estimates (adj. EPS $1.38 vs $1.28; revenue +5% to $8.68bn) and raised full-year guidance, yet slipped ~2% pre-market on lingering turnaround/sale questions (Yahoo Finance).
• Boeing (BA) posted a wider-than-expected loss on Air Force One program costs, offsetting higher deliveries (TheStreet).
• UPS eased ~1.6%; Sherwin-Williams jumped ~6% on a beat and raised outlook; ASML fell ~5.8% in the chip sympathy sell-off (CNBC, Yahoo Finance).

Earnings & Fed calendar

After the close, watch Visa (V) — options imply a ~4.9% move — plus Ford (F); Korea's SK Hynix reports around 8pm ET, a key tell on the memory trade. The FOMC begins its two-day meeting today, with the rate decision and Chair Kevin Warsh's press conference tomorrow (2:00 / 2:30pm ET). A hold is the base case, but this is one of the toughest calls in years and a hike isn't fully off the table (Yahoo Finance).

Macro today

A busy second-tier data day (all times ET, consensus vs prior): 9:00 — S&P/Case-Shiller 20-city home prices (May, +3.2% vs +3.4% YoY); 10:00 — CB Consumer Confidence (Jul, 100.5 vs 100.4); 10:00 — JOLTS job openings (Jun, 7.95M vs 8.14M); 10:00 — Richmond Fed manufacturing (Jul, −8 vs −10). A soft JOLTS or confidence print strengthens the "hold and watch" case into the Fed; a hot number complicates it (Trading Economics).

Rates, dollar & commodities

As reported by Investing.com / Trading Economics: US 10-year yield ~4.64%, dollar index ~101.3. Oil extended its retreat for a third session — Brent near $86, WTI in the low-$80s — as a US–Iran de-escalation eased supply fears. Gold ~$4,044/oz (−0.8%), per Yahoo Finance.

Global overnight

Asia was defined by the chip rout (Kospi −10.8%); European tech softened, with ASML down sharply. The read-through for the US open is risk-off in semiconductors but relative resilience in cyclicals and defensives.

What to watch at the open

Watch whether the chip weakness stays contained to semis or bleeds into the broader Nasdaq. The 10am data trio (confidence, JOLTS, Richmond Fed) sets the tone into tomorrow's Fed decision. And watch the Dow-vs-Nasdaq split: if defensive earnings keep the Dow green while tech sags, it points to rotation rather than a broad risk-off.

As of ~9:20am ET, Jul 28, 2026. Sources: Yahoo Finance, TheStreet, CNBC, Trading Economics, Visa IR. Automated US market brief for discussion and education only — not investment advice. Verify before acting.