Finance

E-commerce and cloud giant Amazon saw its stock surge 15% in its best single-day performance since 2012, fueled by stronger-than-expected cloud revenue that eased immediate AI infrastructure worries. Conversely, Apple shares plunged 7.4% after providing a lackluster revenue growth forecast for the upcoming quarter. This divergence caused sharp splits across the broader technology and consumer discretionary sectors.

The bond market faced mounting pressure as the 30-year U.S. Treasury yield surged to a 19-year high of 5.274%. The sharp steepening of the yield curve intensified after three Federal Reserve officials dissented in favor of raising interest rates, signaling ongoing hawkish undercurrents. Investors remain cautious as elevated energy costs stemming from Middle East tensions complicate the long-term inflation outlook.

Bitcoin and Ethereum diverged from the broader equity rally at the end of the month, with Bitcoin sliding below $63,000. Market sentiment was dampened by stalled progress on the U.S. Senate's CLARITY Act, erasing significant leveraged long positions in a matter of hours. Despite the sudden retracement, analysts noted that Bitcoin preserved a modest gain for the month of July.