Overview
- Major U.S. indexes finished higher on July 31 after Amazon’s stock jumped double digits on an AWS beat that showed 37% year-over-year cloud sales growth.
- Amazon on the same day reaffirmed roughly $220 billion in full-year capital spending, a signal investors read as evidence that AI-related infrastructure spending is translating into demand.
- Apple fell sharply after giving muted next-quarter revenue guidance and saying higher memory and component costs tied to AI hardware lifted its expenses.
- U.S. Treasury yields moved to multi-year highs with the 10-year near 4.7% and the 30-year above 5.25%, and oil rose on renewed Middle East tensions, both of which kept many rate-sensitive and smaller stocks from participating in the rally.
- Market breadth remained narrow with large-cap techs leading gains while the Russell 2000 lagged and individual names such as Roblox plunged after weak bookings, leaving investors focused on next week’s guidance, further earnings and Fed remarks.