Overview
- Microsoft’s cloud business reported roughly 43% growth and sent its stock up more than 15%, and Amazon, which reported on July 31, saw shares jump about 14–15% after AWS posted roughly 37% year-over-year revenue growth.
- Major U.S. indexes finished the week higher with the S&P 500 up about 0.7%, the Nasdaq up about 1%, and the Dow modestly higher as megacap tech drove the move.
- Benchmark Treasury yields climbed toward the mid-4% range with the 10-year near 4.7%, a rise that several Fed officials who dissented at the recent meeting say argues for quicker tightening.
- Oil prices have moved higher on renewed Middle East tensions, which has boosted energy profits but raised the risk that sustained crude strength will add to inflation pressures.
- Market participation remains narrow with small-cap indexes lagging and mixed corporate guidance such as Apple’s cost and supply warnings showing that stronger headline earnings may not erase margin and rate risks for everyday consumers and investors.