Finance

The technology and consumer sectors experienced massive intraday crosscurrents driven by contrasting financial results from the market's largest firms. Amazon shares skyrocketed roughly 15% to 16% on the back of strong cloud-computing performance and an expanding chip business, while Apple shares plummeted around 7% due to disappointing regional revenues and supply-chain headwinds.

Fixed-income markets experienced considerable selling pressure as investors reacted to the Federal Reserve's decision to hold interest rates steady alongside hawkish public feedback from dissenting central bank officials. The 10-year Treasury yield surged to 4.74%, its highest mark since early 2025, while the 30-year yield touched levels not seen in nearly two decades as long-term inflation worries mounted.

The semiconductor market endured intense volatility throughout July, culminating in its worst overall monthly decline since October 2008. Heavy price swings shook Wall Street's favorite artificial intelligence infrastructure plays as market participants re-evaluated the long-term sustainability of massive technology capital expenditure budgets.