Finance

Amazon and Apple moved in sharply opposite directions following their respective spring earnings reports, creating a stark performance gap in the market. Amazon surged roughly 15% on accelerating cloud-computing revenue, recording its largest post-earnings advance in over a decade. Conversely, Apple shares plummeted 7.4% due to underwhelming revenue growth forecasts and supply constraints, resulting in a record-breaking $358 billion single-day loss in market capitalization.

U.S. government bond yields extended their upward trajectory after the Federal Reserve opted to hold its benchmark interest rate steady. The fixed-income market reacted to public remarks from three dissenting central bank officials who had voted in favor of a rate hike due to persistent inflation concerns. Consequently, the 10-year Treasury yield climbed to its highest level since early 2025, while the 30-year yield pushed to a new 19-year high.

Energy markets experienced a significant upward move as global supply anxieties mounted. U.S. crude oil prices jumped back above $85 a barrel, securing a massive 21% gain over the course of July. The sharp rally was heavily driven by the widening war involving Iran and the subsequent closure of the strategic Strait of Hormuz, which has compounded corporate and consumer anxieties regarding elevated inflation pressures.