Stock Exposure Broadens as AI and Chips Hit | 29 July 2026

The great rotation is accelerating. The Dow surged 1% and the S&P 500 rose on strong earnings, but semiconductors got hammered — the SOX index dropped 4.5%, South Korea's KOSPI plunged 11%, and Nvidia's credit default swap hit a record 85bps on circular financing fears worth $750 billion. Oil posted its worst three-day stretch since 2020 before bouncing 5% after hours on fresh Middle East attacks. A 7.1-magnitude earthquake struck Kumamoto — the heart of Japan's chip industry — raising supply chain watch alerts. We break down why margin debt at $1.5 trillion is the real risk nobody's talking about, what to watch in tonight's Fed decision and Microsoft/Meta earnings, and why today's Australian CPI print matters for the RBA. Plus: Boeing's cash flow turnaround, Coca-Cola's World Cup quarter, and the last day to access Buy the Dip.

General advice only. Not financial advice. MPC Markets Pty Ltd.