Finance

Amazon shares surged up to 15% after reporting third-quarter earnings that more than tripled from the previous year, driven by a 37% acceleration in AWS cloud revenue. In contrast, Apple shares tumbled over 7% following supply constraints and a weak quarterly revenue outlook that overshadowed its recent hardware sales beat.

The fixed income market experienced a sharp selloff, pushing the benchmark 10-year U.S. Treasury yield above 4.7% to its highest point since early 2025. Concurrently, the 30-year Treasury bond yield jumped to roughly 5.26%, marking its highest level since mid-2007, as traders price in growing odds of a Federal Reserve rate hike in September.

Crude oil futures traded higher, hovering near $84 to $85 per barrel, as disruption risks within the Strait of Hormuz prompted market re-evaluations of international supply flows. These persistent energy shocks have kept retail gasoline prices elevated and compressed consumer sentiment while boosting profit expectations for major domestic oil companies.