Finance

A powerful resurgence across the prominent 'Magnificent Seven' technology companies injected nearly $1.88 trillion into their combined market value over a three-day span. Led by strong earnings and an ongoing appetite for artificial intelligence, the tech sector heavily outpaced the broader market during the session. Notably, e-commerce giant Amazon saw its shares jump 4.6%, allowing its total market capitalization to breach the $3 trillion milestone for the first time.

U.S. government debt yields moved lower as easing oil costs offset broader structural shifts in Treasury supply. The benchmark 10-year Treasury note yield retracted slightly to around 4.69%, pulling back from its peak levels. This decline in yields persisted even after the Treasury Department disclosed it would raise its third-quarter borrowing projection by 10% to $739 billion, citing lower anticipated net cash flows.

The domestic manufacturing sector showed notable resilience, bolstering optimistic outlooks for corporate profit growth. The Institute for Supply Management reported that its purchasing managers' index climbed 2.3 percentage points to hit 55.6% for July, marking its strongest performance since 2022. This expansionary print far exceeded consensus projections from economists, providing structural support to the session's broadening equity rally.