How the day closed: indexes, leaders, laggards, and volatility.
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This is the CAMS Closing Market Recap for Tuesday, July 28.
The market split down the middle today, and the old-guard names came out ahead. The Dow rose just over one percent, the S&P 500 added about a quarter of a percent, and the small-cap Russell 2000 finished slightly higher. The Nasdaq 100 went the other way, falling about one percent as technology shares pulled back.
Inside the Dow, the day was remarkably one-sided: twenty-seven of the thirty components advanced against only three decliners. Sherwin-Williams jumped more than eight percent, IBM gained about five percent, and Coca-Cola rose five percent as well. On the other side, Caterpillar fell close to four percent, while Goldman Sachs and Chevron each slipped more than one percent.
The sector story was a clear defensive tilt. Seven of the eleven sectors closed higher, led by health care, up about two point four percent, consumer staples, up two percent, and communications, up nearly one point nine. Technology finished at the bottom, down about one point eight percent, with energy off one point four and industrials slightly lower.
Volatility eased despite the split tape. The VIX fell about two and a half percent to close near eighteen point two.
The day's character in one sentence: money rotated out of this year's technology leadership and into defensives and blue chips ahead of a heavy policy week.
On the calendar, the Federal Reserve begins its two-day policy meeting tomorrow, with the rate decision due Wednesday afternoon. The desk will be watching whether today's defensive rotation carries into the Fed meeting or fades once the decision is out.
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