Finance

Amazon shares surged to reach an all-time high, officially elevating the e-commerce and cloud computing giant into the exclusive $3 trillion market capitalization club. The stock gains extended a massive rally sparked by a stronger-than-expected second-quarter earnings report. Investors responded enthusiastically to a prominent acceleration in cloud growth driven by artificial intelligence demand.

U.S. manufacturing activity accelerated at a faster-than-expected pace during July, according to newly released data. The Institute for Supply Management manufacturing index climbed to 55.6, comfortably beating economist projections of 54.0 and outpacing June's reading. A separate gauge by S&P Global also tracked positive momentum, confirming the industrial sector remains firmly in expansion territory.

Bitcoin and Ethereum experienced subdued trading and reversed early rebounds despite the broader market's relief over easing geopolitical conflicts. Digital asset prices faced headwinds after an ongoing $114 million exploit of the Coldcard hardware wallet eroded investor confidence in self-custody solutions. Additionally, structural changes like a collapsing futures carry yield indicate a shifting landscape for crypto arbitrage.