Market Midday: Stocks Slide, Dow Falls 850, Nasdaq in Correction • 7/29/26

• Major indices saw significant losses, with the Dow down 867 points and the Nasdaq entering correction territory (down 10% from a recent high).
• Core inflation is running twice the Fed's target, leading to calls for the Fed to consider raising interest rates.
• Meta (META) is set to report quarterly results, with investors looking for evidence that AI investments will pay off, despite a recent decline in daily active users and ongoing lawsuits.
• Procter & Gamble (PG) shares fell after its quarterly results, citing headwinds from high oil prices and supply chain constraints, projecting a $1 billion after-tax headwind for the year.
• Caterpillar (CAT) shares led the Dow lower, down 7%, while Coca-Cola (KO), GM (GM), and Apple (AAPL) reached fresh all-time highs.

Wall Street experienced a significant sell-off, with major indices falling and the Nasdaq entering correction territory. Concerns over persistent core inflation, potential Fed rate hikes, and geopolitical conflicts driving oil prices higher weighed heavily on the market. Company-specific news included Meta's upcoming earnings amid user declines and lawsuits, and Procter & Gamble facing headwinds from rising costs.