Global Equity Rotation: US Tech Under Pressure, Europe & Asia Rally on Ceasefire

Markets sold off sharply on July 29 after Fed hold and Iran attack sent oil up 8% to $91. Dow -1150, memory chips crushed. Microsoft earnings beat on Azure, Meta showed cost pressure. Earlier rotation from US to Europe/Asia continues but hit by broad selloff. S&P 500 at 7,315 with negative gamma. Latest: S&P 500 had best day in 7 weeks on tech rebound but weak breadth—most stocks declined. Apple dived on weak guidance, Amazon soared. Nasdaq and S&P 500 broke below 50-day MA, a critical bearish signal. Chinese stock markets closed higher on US tech earnings link to AI supply chain. Focus on Mag7 earnings (Apple, Amazon) and PCE/GDP data. Oil volatility remains key.