Finance

Amazon's stock surged roughly 15% following strong quarterly cloud-computing results, providing a major boost to the broader market and marking its largest market-capitalization gain ever. Conversely, Apple shares plummeted more than 7% after issuing a disappointing revenue forecast and reporting weaker-than-expected services and regional growth. This divergence heavily split the tech and consumer discretionary sectors, causing sharp opposing moves within the major indexes.

The Federal Reserve opted to maintain its benchmark interest rate at approximately 3.6% for the fifth consecutive meeting. The decision was met with internal division, as three officials dissented in favor of a rate hike due to sticky inflation. This lack of clear forward guidance, alongside high average consumer borrowing costs, has kept pressure on the bond markets.

Renewed escalations in the Middle East have driven a substantial rise in global energy commodities, with West Texas Intermediate and Brent crude oil moving significantly higher. This monthly surge in energy costs has intensified domestic inflation anxieties across Wall Street. Consequently, the selloff in bonds pushed the 10-year U.S. Treasury yield to 4.74%, reaching its highest mark since early 2025.