Wall Street traded in a narrow range today as investors held firm ahead of two major events: the Federal Reserve’s policy decision and quarterly results from Big Tech heavyweights. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all moved only modestly, reflecting the market’s cautious mood as traders awaited clarity on interest rates and corporate earnings.

The S&P 500 ticked higher, continuing its positive run in July, with particular strength seen in chipmakers. Nvidia helped lead the advance, while investors also positioned themselves ahead of earnings reports from major technology names such as Microsoft, Meta Platforms, Apple, Amazon, and Alphabet.

Major stocks reflected the quiet sentiment. Apple and Amazon edged slightly lower, both dipping less than 1%. Meta, Alphabet, and Broadcom all managed modest gains, while Tesla slipped just under 1%. Traditional blue chips like JPMorgan and Walmart registered mild moves as market participants largely awaited more definitive signals.

Bond markets saw a pullback, led by longer-term Treasury notes, even after a well-received government bond auction. This move came as investors parsed a strong set of economic data, fueling speculation about the Fed’s next steps. Market observers expect the central bank’s guidance to heavily influence the short-term trajectory for equities and bonds alike.

Internationally, Asian and European markets traded with little clear direction, mirroring the cautious stance in the U.S. Meanwhile, oil prices held at their highest level in six weeks on ongoing geopolitical uncertainties and supply concerns.

With so much at stake—Federal Reserve policy and earnings from industry leaders—traders are keeping risk-taking to a minimum. All eyes are now on the expected announcements, which could set the tone for the markets as summer draws to a close.