Dow Drops Over 900 Points as Oil Prices Surge Amid Tensions with Iran
U.S. stocks fell sharply on July 29, 2026, led by a nearly 1.7% drop in the Dow Jones Industrial Average after oil prices surged following an Iranian missile attack on American forces and amid anticipation of the Federal Reserve's interest rate decision. West Texas Intermediate crude futures rose over 6.9%, reaching $89.88 per barrel as President Donald Trump vowed a strong U.S. response to Iran’s actions, heightening geopolitical tensions. Analysts noted that unexpected developments around Iran contributed significantly to market volatility and warned of potential acceleration in the sell-off if there were surprises from the Fed. Semiconductor stocks continued their decline amid investor concerns about AI investments and competition with Chinese rivals. Procter & Gamble fell after missing revenue estimates, while Ford Motor rose on better-than-expected earnings.
Tickers: $AMD $F $KLAC $MU $PG $SOXX $SPGI
Topics: Dow Jones Federal Reserve rate decision Iran missile attack oil prices