Finance

E-commerce giant Amazon saw its stock climb roughly 15% to 16% in its strongest single-day rally since 2012 following robust performance from its cloud-computing unit, Amazon Web Services. Conversely, Apple experienced a 7.4% drop after issuing a weaker-than-expected revenue guidance for the upcoming quarter. The divergence capped off a highly volatile month for mega-cap technology and semiconductor companies.

Yields on longer-term U.S. government debt surged to significant highs, with the 10-year Treasury note closing at 4.743% and the 30-year bond hitting a 19-year high. Investors reacted negatively after learning that three members of the central bank's policy committee dissented against holding rates steady in favor of an interest rate hike. This development led to a notable steepening of the yield curve as market participants grew worried about persistent inflation.

Domestic crude prices advanced back over $85 per barrel on the final trading day of July. Fueled by escalating conflicts between the United States and Iran, oil prices soared 21% throughout the month. The consistent upward movement in energy costs has further exacerbated macroeconomic concerns regarding persistent inflation and long-term interest rates.