The Kobeissi Letter(@KobeissiLetter):Fed days have become a complete free-for-all. The S&P 500 has now seen THREE swings totaling ~$2.9 TRILLION in market cap during today's session. Between 9:30 AM ET and 12:15 PM ET, the S&P 500 fell -85 points, losing -$770 billion. Between 12:15 PM ET and 2:55 PM ET, the S&P 500 rallied +110 points, adding +$1 trillion. Between 2:55 PM ET and 3:45 PM ET, the S&P 500 fell 120 points, losing -$1.1 trillion. The era of Fed guidance is over and the market is not liking it.

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The Kobeissi Letter@KobeissiLetter

2026.07.29 19:51

Fed days have become a complete free-for-all. The S&P 500 has now seen THREE swings totaling ~$2.9 TRILLION in market cap during today's session. Between 9:30 AM ET and 12:15 PM ET, the S&P 500 fell -85 points, losing -$770 billion. Between 12:15 PM ET and 2:55 PM ET, the S&P 500 rallied +110 points, adding +$1 trillion. Between 2:55 PM ET and 3:45 PM ET, the S&P 500 fell 120 points, losing -$1.1 trillion. The era of Fed guidance is over and the market is not liking it.