Big Tech earnings, Fed meeting loom; breadth warns — July 28, 2026

S&P 500 +0.02% · Nasdaq -0.18% · Dow +0.51% · VIX 18.7 — July 28, 2026

The market's three-day personality split wide open today. The Dow climbed 0.51% while the Nasdaq fell 0.18%, and the S&P 500 barely budged at +0.02%—a flat-footed day masking genuine conflict underneath. Breadth tells the real story: in the top 100 most active stocks, 65 fell and only 35 rose. That's a 2-to-1 skew toward sellers, which matters. The macro setup is clear: earnings from Apple and others, a Fed meeting ahead, oil fears easing on Iran hopes, and Warren Buffett's favorite valuation indicator flashing red. The market is pricing in both relief and caution at once.

The single-stock action was violent and directional. Fermi rocketed 17% on Project Matador acceleration—a clean catalyst. But the pain list ran longer and deeper: Nebius, Bloom Energy, Hims, Liberty Energy, and CoreWeave all collapsed 10-15%, caught in a broad rotation away from AI infrastructure and neocloud plays that had been bid up hard. SLB gained 11%, a rare winner, while applied AI names like APLD and CIFR got hammered despite Alphabet's monster capex plans. The message: the market is discriminating ruthlessly between story and substance.

No insider cluster buys crossed our desk today—the people running these companies weren't buying while retail traders got shaken out. That silence itself is worth hearing.

Market commentary generated from the day's data and headlines — not investment advice.

Biggest moves today

• FRMI (Fermi Inc.) ▲ +17.09% at $7.40 on 40.5M shares — Fermi Inc. (FRMI) Rockets 19% as Project Matador Development Accelerates (Insider Monkey)
• NBIS (Nebius Group N.V.) ▼ -15.02% at $187.77 on 24.0M shares — Neocloud Stocks vs. the Hyperscalers -- Who Actually Wins AI Capex Boom? (Motley Fool)
• BE (Bloom Energy Corporation) ▼ -14.91% at $184.89 on 13.7M shares — US Stock Market Today S&P 500 Futures Inch Higher As Housing And Services Hold (Simply Wall St.)
• HIMS (Hims & Hers Health, Inc.) ▼ -14.20% at $28.09 on 28.3M shares — HIMS Stock Rises Overnight: Retail Traders Bet On Peptides Upside After FDA Panel Backs 6 Of 7 Compounds (Stocktwits)
• LBRT (Liberty Energy Inc.) ▼ -11.52% at $17.36 on 12.8M shares — Is LBRT Stock Attractive After Its Sharp Pullback and Earnings Beat? (Zacks)
• KEEL (Keel Infrastructure Corp.) ▼ -11.43% at $4.26 on 28.3M shares — KEEL Stock Heads For Worst Month In 2026: Retail Turns Bearish On 'Dead' Company (Stocktwits)
• CRWV (CoreWeave, Inc.) ▼ -11.37% at $71.88 on 25.4M shares — CoreWeave and Nebius gain after report links Nvidia to major OpenAI infrastructure financing (InvestorsHub)
• SLB (SLB Limited) ▲ +11.01% at $52.42 on 26.3M shares — Why SLB Stock Surged This Past Week (Motley Fool)
• CIFR (Cipher Digital Inc.) ▼ -10.34% at $23.15 on 21.2M shares — Alphabet's Projected $205 Billion Capex Can Lift These 3 AI Stocks (Motley Fool)
• APLD (Applied Digital Corporation) ▼ -9.03% at $27.19 on 20.2M shares — Applied Digital Earnings: What To Look For From APLD (StockStory)

Most active by volume

#	Ticker	Price	Change	Volume
1	INTC	$92.32	-7.89%	180.7M
2	NOK	$9.10	-6.47%	112.5M
3	NVDA	$206.84	-0.92%	114.7M
4	ONDS	$7.80	-1.64%	101.1M
5	SOFI	$16.46	-1.14%	92.9M
6	NU	$14.09	-0.70%	90.9M
7	T	$24.13	+5.10%	80.6M
8	F	$14.37	+1.55%	73.0M
9	AAL	$14.47	+6.79%	74.2M
10	CLF	$11.93	+8.85%	69.9M
11	PATH	$10.84	+6.27%	63.7M
12	TSLA	$313.03	-2.08%	62.6M
13	GRAB	$3.31	+0.30%	57.8M
14	MARA	$12.12	-5.09%	56.3M
15	SPCX	$115.07	-2.68%	55.6M
16	SMCI	$30.10	-3.53%	49.6M
17	RIG	$5.35	+0.56%	47.2M
18	CMCSA	$22.30	+1.71%	48.2M
19	AAPL	$333.02	+3.53%	47.5M
20	ORCL	$114.99	-4.21%	46.0M
21	AMC	$2.27	-0.44%	45.2M
22	OPEN	$3.83	-0.26%	45.2M
23	VZ	$46.38	+5.84%	40.6M
24	MU	$920.95	-6.99%	40.6M
25	FRMI	$7.40	+17.09%	40.5M

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Market data from Yahoo Finance; insider data from SEC EDGAR Form 4. For research only — not investment advice. Verify on the official source before trading.