Tech slump, oil price surge, Fed’s hold on rates weigh on stock marketsTraders work on the New York Stock Exchange on July 29, 2026, in New York City. Higher rates can keep a lid on inflation, but they can also slow the economy and undercut prices for stocks and other investments. The yield on the two-year Treasury, which closely tracks expectations for Fed action, fell to 4.24% from 4.26% late Tuesday. That’s up from 3.97% before the war with Iran sent oil prices much higher, and the increase has already sent long-term U.S. mortgage rates to their highest level in nearly a year. Analysts have been saying such a rotation in the market from AI to less-loved areas could be healthy, but the majority of U.S. stocks fell with tech on Wednesday.