US Markets

The Dow Jones Industrial Average rose 376 points, or 0.7%, driven by notable gains in Sherwin-Williams, which jumped 7% after delivering better-than-expected second-quarter results. Coca-Cola also climbed more than 4% on an earnings beat. The broader market, however, remained under pressure, with the S&P 500 slipping 0.2% and the Nasdaq Composite declining 1.2%. Semiconductor stocks dragged technology shares lower, as the VanEck Semiconductor ETF (SMH) fell 4%, a move that comes just ahead of quarterly results from chip-industry names including Qualcomm, ARM, SK Hynix, and Samsung Electronics, all scheduled for tomorrow.

US–Iran Talks

US President Donald Trump said on Tuesday that there have been productive discussions with Iran, even as he reiterated warnings to target Pickaxe Mountain along with bridges and power plants if no agreement is reached with Tehran. Speaking in an interview with Fox News, Trump indicated a preference for avoiding strikes on Iran's bridges and power plants if possible.

"It's a very, very delicate balance. So I think we have a very strong position right now. They know I'm going to do that if they don't make a deal," Trump told the "Fox and Friends" program. "We cannot have them break deals anymore."

"We have had some very good talks," Trump said regarding Iran.

US GDP

The United States is set to release its Q2 Advance Gross Domestic Product (GDP) data at 6:00 PM IST on Tuesday, July 29. The prior quarter's report showed the US economy expanded at an annualized rate of 2.1% in Q1 2026. The GDP print will arrive roughly five hours before the Federal Reserve's rate decision, making it one of the final major data points available to policymakers and markets ahead of the FOMC announcement.

Central Bank Decision

The US Federal Reserve will announce its Federal Open Market Committee (FOMC) interest rate decision at 11:30 PM IST. Fed Chair Kevin Warsh is scheduled to hold the FOMC press conference at 12:00 AM IST on Thursday.

Global Corporate Earnings

A heavy slate of global corporate earnings is scheduled for tomorrow, spanning the technology, consumer, industrial, financial, energy, and telecom sectors. Companies set to report results include SK Hynix, Samsung Electronics, Hitachi, Rio Tinto, Microsoft, Meta, Costco, Robinhood, Qualcomm, ARM, Procter & Gamble, Starbucks, Airbus, Biogen, Standard Chartered, Budweiser APAC, UMC, Saudi Telecom, Hermes, Kering, L'Oréal, UBS, Intesa Sanpaolo, CaixaBank, ENI, Deutsche Bank, Danone, BASF, Porsche, Reckitt Benckiser, Legrand, SNAM, Telefonica, Telecom Italia, Sage Group, Carrier Global, and Johnson Controls. Results from Microsoft and Meta carry particular weight for broader market direction given their ranking among the world's largest companies by market capitalization.

India Domestic Data

The Index of Services Production (ISP) economic data is slated for release tomorrow. The previous release covered April 2026, which marked the first trial publication of the index. In April 2026, the ISP data showed growth across multiple services segments, with wholesale trade, retail trade, accommodation and food services, telecommunications, banking, and real estate all reporting year-on-year gains. As a relatively new indicator, the ISP is being tracked for its potential to complement existing measures like the IIP in assessing India's services-dominant economy.

India IIP

India's industrial activity gained momentum in June, with the Index of Industrial Production (IIP) rising 7.3% year-on-year, up from a revised 5.1% in May. The Quick Estimate of IIP stood at 123.1 in June, compared with 114.7 in the same month a year earlier.

Q1 Earnings (India)

Adani Enterprises, Adani Ports & Special Economic Zone, Eicher Motors, and Bajaj Housing Finance are all scheduled to announce their first-quarter (Q1) results tomorrow.

Source: CNBC-TV18