02:00 PM EDT, 07/29/2026 (MT Newswires) -- US benchmark equity indexes fell intraday as traders awaited the Federal Reserve's policy decision and after-hours results from Microsoft ( MSFT ) and Meta Platforms ( META ) .

The Dow Jones Industrial Average was down 1.5% at 51,977.6 after midday Wednesday. The S&P 500 and the Nasdaq Composite fell 0.7% each, to 7,378.4 and 24,698.9, respectively. Most sectors were in the red, with industrials posting the biggest drop.

The Federal Open Market Committee will announce its latest decision on interest rates at 2 pm ET. The probability of the central bank leaving its benchmark lending rate unchanged was at about 69% on Wednesday, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool.

Fed Chair Kevin Warsh is scheduled to hold a press conference at 2:30 pm.

"One way or another -- including, perhaps, through dissent - the Fed's emerging tightening bias will find its way into the market today or in the next few days," Macquarie said in a report Wednesday. "That bias may not be clear in the text of today's Statement, but Warsh's presser and the various speeches and appearances by Fed officials in the next few days are likely to solidify a tightening bias that was already evident -- even the FOMC's "doves" -- prior to the blackout period."

Microsoft ( MSFT ) and Meta, among others, report their financials after market close on Wednesday.

For Microsoft ( MSFT ), analysts are looking for about 15% year-over-year revenue growth in the fiscal fourth quarter, according to the FactSet-polled consensus.

Meta is expected to report strong second-quarter results as improvements in advertising performance continue to drive spending by advertisers, Deutsche Bank said in a note Friday.

West Texas Intermediate crude oil increased 6.8% to $84.63 a barrel intraday, while Brent gained 7.6% to $90.48.

President Donald Trump reportedly told Fox News that the US will hit Iran hard after its Revolutionary Guard launched ballistic missiles at US forces.

Treasury yields were higher intraday, with the two-year rate up 5.5 basis points at 4.33% and the 10-year rate rising 4.3 basis points to 4.65%.

Elsewhere in the corporate sector, Procter & Gamble ( PG ) fell 2.7% and was among the worst performers on the Dow. The consumer goods giant reported weaker-than-expected fiscal fourth-quarter sales and said higher costs could weigh on its fiscal 2027 earnings.

Tech stocks were among notable gainers intraday, with Salesforce ( CRM ) up 3.9%, the top performer on the Dow. Cognizant Technology (CTSH) jumped 11%, the second-best performer on the S&P 500. Workday (WDAY) and Intuit (INTU) also logged gains.

Gold rose 0.2% to $4,106.20 per troy ounce, while silver gained 1% to $58.11 per ounce.

Price: 395.74, Change: +2.39, Percent Change: +0.61