Dow Jones closes higher as S&P 500 and Nasdaq lag ahead of earnings and Fed meeting

The Dow Jones Industrial Average hit record territory on July 27, closing higher while the S&P 500 and Nasdaq Composite posted muted or negative sessions.

The divergence isn’t random. Big Tech earnings, a Federal Reserve rate decision, and a major crypto derivatives expiration are all stacked into the next few days.

Wall Street’s most crowded calendar

Microsoft, Alphabet, Meta Platforms, Amazon, and Apple are all scheduled to report second-quarter earnings. The central question investors want answered isn’t really about revenue or margins. It’s about AI spending. Every one of these companies has committed enormous capital to artificial intelligence infrastructure, and shareholders want to know when those investments start generating returns that justify the price tags.

Layered on top of the earnings calendar is the FOMC meeting scheduled for July 28-29. According to CME FedWatch data, market participants are pricing in high odds that the Fed holds rates steady.