Wall Street Ends Week Higher as July Closes With Mixed Results

Contrasting big-tech earnings, a Fed rate pause that lifted 10-year yields toward 4.75%, and renewed Middle East energy risks are shaping investor focus before U.S. jobs data.

Overview

U.S. benchmarks, which closed higher on Friday, snapped a streak of weekly losses even as the month finished unevenly with the Dow up about 0.3%, the S&P down roughly 0.1%, and the Nasdaq down about 3.2%.
Amazon shares surged roughly 15% after a quarterly report led by faster cloud growth, and that gain helped drive gains in consumer discretionary and communication services stocks.
Apple fell about 7% after reporting weaker services revenue and warning that advanced chip shortages could limit iPhone shipments, making it the biggest drag on the S&P and Nasdaq.
The Federal Reserve left interest rates unchanged this week and the 10-year Treasury yield moved higher to roughly 4.73%–4.75%, a shift that is raising pressure on high-valuation tech names.
Reports that Iran stopped two ships in the Strait of Hormuz pushed oil prices higher and added supply concerns that, together with earnings and Fed signals, leave markets watching next week’s U.S. labor reports for directional clues.