Finance

E-commerce giant Amazon saw its stock skyrocket by over 15% after reporting robust spring profits and accelerating cloud-computing growth, suggesting that substantial AI spending is yielding results. Conversely, Apple shares slid 7.4% due to a disappointing future revenue forecast caused by component supply constraints, pulling down the broader hardware and chip sectors.

Bond yields reached significant multi-year milestones at the end of July, with the 10-year Treasury note yield surpassing 4.7% and the 30-year bond hitting a 19-year high near 5.27%. The upward movement reflects growing investor skepticism regarding Federal Reserve Chairman Kevin Warsh's inflation strategy after the central bank chose to leave interest rates unchanged.

U.S. West Texas Intermediate crude finished the week above $85 per barrel, capping off a massive 21% surge over the month of July. The significant rise in energy commodities comes as escalating military conflict between the United States and Iran exacerbates persistent macroeconomic inflation worries.