The Ibex 35 is nearing its yearly highs supported by the plummeting oil prices, although caution on Wall Street is hindering progress. The stock market session on 28 July 2026 reflects the tension between energy relief and geopolitical uncertainty.
The Ibex 35 started the session on Tuesday, 28 July 2026, on the verge of the highest levels of the year, driven by a sharply falling oil market. However, the drag from Wall Street and persistent geopolitical uncertainty limit optimism in the Spanish index.
According to market data collected by analysts from Singular Bank and Bellevue, the price of crude oil has fallen below 85 dollars, providing relief for importing economies like Spain. This decline, contrasting with peaks of over 90 dollars recorded weeks ago, fuels expectations that inflation may moderate and relieve pressure on interest rates.
Nevertheless, the positive tone of the Ibex 35 clashes with the downward trend of Wall Street futures, which indicate a negative opening. US investors are digesting the latest macro data and signals from the Federal Reserve, whose upcoming interest rate meeting — the second under Warsh's presidency — is proving to be more delicate than expected.
Domestically, experts consulted by Estrategias de Inversión highlight that the Spanish index has solid stocks for the remainder of 2026. Companies like Indra, which offers an upside potential of over 20% according to analysts, are emerging as favourites to weather the volatility.
The head of digital offerings at Singular Bank, Victoria Torre, and the business development director at Bellevue, Asís Maestre, agree that the healthcare sector is gaining prominence. Despite its recent erratic behaviour, 76% of companies in the sector are showing good financial results, which, combined with the multiplicity of subsectors, opens up opportunities beyond the traditional defensive bias.
Meanwhile, the president of Cardom Digital, Rodolfo Carpintier, has interviewed the general director of Altex AM, Enrique Bailly-Bailliere, who has outlined his evolution from engineering to asset management. Bailly-Bailliere emphasised that the market environment has changed and that investment objectives must adapt to the new reality, marked by oil volatility and tensions in the Middle East.
Today's session ultimately reflects a market divided between energy relief and external caution. For investors, the key is to identify the stocks that best withstand this uncertainty scenario, such as those mentioned by analysts of the Ibex 35, and to keep an eye on the evolution of oil, which remains the thermometer for inflation and monetary policy.
The day will continue to be marked by the publication of corporate results and the evolution of US futures. The Ibex 35 needs a breather from Wall Street to try to close the day at annual highs.
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