Stocks Close Out Volatile July With Weekly Gains as Amazon and Microsoft Lead Rally

US stocks wrapped up a turbulent month on a positive note, with the Nasdaq climbing about 1%, the Dow adding 0.5%, and the S&P 500 gaining 0.7%. All three benchmarks finished the week higher, while the Dow also closed July up 0.7%.

Amazon Surges on Cloud Strength

Amazon shares jumped roughly 15% after quarterly earnings beat forecasts, driven by strong growth in its cloud and chip divisions. Microsoft extended its own rally following a sharp gain a day earlier. Apple, however, slid nearly 7% on weaker China sales and disappointing services revenue.

Treasury Yields Climb to Multi-Year Highs

The 10-year Treasury yield jumped to its highest level since January 2025, touching 4.73%, as investors weighed the Federal Reserve’s decision to leave interest rates unchanged without clear guidance on future moves.

Consumer Sentiment and Oil Prices Rise

Consumer sentiment improved to a five-month high even as inflation expectations stayed elevated. Meanwhile, oil prices rose after tensions flared near the Strait of Hormuz, pushing crude closer to $85 a barrel.