Finance

An uneven corporate earnings season created a wide performance gap between major technology giants. Amazon shares skyrocketed over 15% after reporting spring profits that surpassed projections, indicating robust returns on its artificial intelligence investments. Conversely, Apple shares retreated following a softer-than-expected forecast for near-term revenue growth.

Bond yields advanced further as investors reacted to public statements from Federal Reserve officials explaining dissenting votes in favor of lifting interest rates. The yield on the 10-year U.S. Treasury note climbed to its highest mark since January 2025 at 4.743%. Concurrently, the 30-year bond yield rose to 5.274%, registering its highest level since mid-2007 as fixed-income markets price in a greater likelihood of a September rate hike.

Energy markets faced heightened inflationary pressures as crude oil prices climbed back above $85 a barrel. Ongoing military tensions involving Iran have severely disrupted global shipping lanes, specifically forcing tankers to turn away from the critical Strait of Hormuz. These structural blockages contributed to a massive monthly gain of over 20% for U.S. crude throughout July.