Amazon's Strong Q2 Performance Lifts Dow While Apple Slows Gains
U.S. stocks edged higher midday on July 31 as Amazon and Apple moved in opposite directions, influencing major indices differently. The Dow Jones Industrial Average rose by 0.3%, supported largely by a 14.9% surge in Amazon's stock following strong second-quarter results. Revenue reached $200.6 billion with notable growth from its cloud division, Amazon Web Services (AWS), which saw sales increase by 37%. This marked the fastest AWS growth in nearly five years. In contrast, Apple’s stock fell 9.4%, subtracting significant points from the Dow despite a strong quarterly report. The decline was attributed to cautious guidance citing supply chain constraints related to AI hardware demand and rising chip costs. While semiconductor stocks like those tracked by SOXX gained slightly overall, memory names such as Micron Technology lagged behind. The broader market showed mixed performance with small-cap ETFs underperforming compared to large-cap indices. The week has been marked by volatility driven largely by the Magnificent 7 companies and macroeconomic factors including rising oil prices and Treasury yields.
Topics: Amazon Apple Dow Jones Nasdaq Composite S&P 500