Mixed Market Reaction as Investors Eye Fed Press Conference

The global market saw a mixed performance on Wednesday, July 28, as investors weighed various economic indicators and company earnings. In the US, despite positive geopolitical developments, tech stocks continued to decline, with the NASDAQ index falling around 10% from its peak. This pullback was partly offset by gains in SaaS companies, which benefited from weakness in AI-related stocks.

Analysts are closely watching the upcoming press conference of the new Fed Chair, where they expect clarification on the central bank's policy direction. A shift away from 'forward guidance' could increase uncertainty and add pressure to fragile market sentiment.

In company news, Palantir's stock fell around 5% after the French government announced plans to withdraw its products from a state agency. However, other US companies like Boeing, Nvidia, Coca-Cola, and PayPal reported positive earnings results, with their stocks rising between 2-5%.