Semiconductor Selloff and FOMC Convergence Reorder the S&P 500

The S&P 500 equivalent of holding a steady 0.24% on a day when seven of eleven sectors are negative or flat is called a crowded exit wearing a calm mask. On July 29, 2026, SPY, the S&P 500 ETF, closed at $740.86, up fractionally from the prior session. The S&P 500 index itself, per Schwab market data, sat at 7,413 points. Those numbers tell you almost nothing useful. The sector breakdown beneath them tells you a great deal. Key Takeaways SPY, the S&P 500 ETF, closed at $740.86 on July 29, up 0.24%, while the S&P 500 index sat at approximately 7,413 points, per Schwab market data. XLK, the Technology Select Sector SPDR ETF, fell 1.84% as semiconductor names AMD and Micron each dropped roughly…