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S&P 500 Snaps Six-Day Winning Run as Bonds Climb | Closing Bell Analysis
Posted
July 29, 2025
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July 29, 2025
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10:22Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.
Wall Street traders sent stocks lower in the run-up to the Federal Reserve decision, with concerns about high valuations overshadowing hopes for an extension of a tariff truce between the world’s two largest economies. Bonds climbed alongside the dollar.
The S&P 500 snapped a six-day winning streak. A rally in Treasuries gained steam after a solid $44 billion sale. Longer-dated bonds led gains, with 30-year yields down 10 basis points ahead of the US announcement on the size of future debt auctions. Oil jumped as President Donald Trump reiterated the US may impose additional levies on Russia unless it reached a truce with Ukraine.
Treasury Secretary Scott Bessent said that the US and China will continue talks over maintaining a tariff truce before it expires in two weeks and that Trump will make the final call on any extension. Adding an extra 90 days is one option, Bessent said.
Just as it happened after the US tariff deal with the European Union, the underwhelming market reaction to signs of progress in China talks illustrates the steady decline in the ability of those initiatives to spur big moves on Wall Street.
There are other market-moving factors on the horizon. Those include Wednesday’s Fed decision and key data like the jobs report on Friday. The market also faces a crucial test, with four tech giants reporting earnings over a two-day stretch.
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