04:27 PM EDT, 07/29/2026 (MT Newswires) -- (Updates with market moves at the end of the day and the Fed decision.)

US stocks slid Wednesday after the Federal Reserve left interest rates unchanged in a divided decision, with some policymakers calling for policy tightening.

The Dow Jones Industrial Average tumbled 2.2% to close at 51,594.14 after a three-day advance, while the Nasdaq Composite dropped 1.7% to 24,442.94, extending its losing streak to a sixth day. The S&P 500 shed 1.5% to settle at 7,316.15, its first decline in the past four sessions.

Most sectors were in the red, led by industrials, while energy paced the gainers.

The US central bank's Federal Open Market Committee maintained the target range for the federal funds rate at 3.50% to 3.75%, marking its fifth consecutive pause. Three regional Fed presidents dissented from the majority at the meeting, with Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas preferring to raise interest rates by a quarter percentage point, the FOMC said Wednesday.

"With further upside risks stemming from the ongoing conflict overseas, several Fed members appear willing to raise rates, or at least increasingly aware of the dangerous nature of leaving a lower level of policy in place," Stifel said in a note.

Treasury yields were mixed, with the two-year rate down 3.7 basis points at 4.24% and the 10-year rate surging 6.7 basis points to 4.67%.

In commodities, West Texas Intermediate crude oil increased 6.8% to $84.63 a barrel in late Wednesday afternoon trade, 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.

Switching to the corporate sector, VF (VFC) plunged 17% after the apparel and footwear company reported a wider-than-expected fiscal first-quarter loss.

Procter & Gamble ( PG ) fell 1.9%. 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, with Salesforce ( CRM ) up 3.8%, the top performer on the Dow. Cognizant Technology (CTSH) jumped 11%, the third-best performer on the S&P 500. Workday (WDAY) and Intuit (INTU) also logged gains.

Gold rose 0.5% to $4,050.46 per troy ounce, while silver gained 0.1% to $57.57 per ounce.