On July 30, Deutsche Bank pointed out that the Federal Reserve's decision to keep interest rates unchanged and the limited details provided by Chairman Walsh triggered a sharp steepening of the U.S. Treasury yield curve, pushing the 30-year yield to 5.20% and putting pressure on the stock market. The S&P 500 recorded its worst single-day performance in seven weeks, while weakness in tech stocks dragged the Nasdaq 100 into correction territory. Asian and European markets showed mixed performance. The rise in U.S. Treasury yields eventually weighed on stocks after significant intraday volatility. The S&P 500 fell more than 0.5% before the FOMC meeting, turned positive during Walsh's press conference, but plummeted in the final trading hour, ultimately closing down 1.52%. A renewed slump in chip stocks also dragged the market, with the Philadelphia Semiconductor Index plunging 5.33%. The decline in tech stocks also pushed the Nasdaq 100 (-2.06%) into a technical correction zone, now down 11.3% from its early June peak.