Apple & Amazon Headline Earnings Day 31/07/2026

Market Wrap

US stocks suffered a broad selloff on Wednesday as the Federal Reserve’s decision to hold interest rates steady, rising Treasury yields and renewed Middle East tensions weighed on sentiment. The Dow Jones Industrial Average plunged 1,153 points, or 2.2%, marking its worst session since April 2025. The S&P 500 fell 1.5%, while the Nasdaq Composite dropped 1.7% and closed more than 10% below its intraday record.

The Fed left rates unchanged despite three officials voting for an increase. Chair Kevin Warsh struck a hawkish tone, but the bond market remained unconvinced, sending the 10-year Treasury yield 7 basis points higher to above 4.67%. Inflation concerns intensified as oil prices surged after President Donald Trump said the US would respond forcefully to Iran’s surprise attacks on American troops in the Middle East. West Texas Intermediate crude jumped more than 6% to settle at $84.46 a barrel.

Big Tech earnings produced sharply different reactions after the close. Meta Platforms (META) fell 7% after issuing a weaker-than-expected revenue outlook, while Microsoft (MSFT) surged 8% as accelerating Azure growth strengthened confidence in its AI strategy. Thursday’s calendar includes weekly jobless claims and the June personal consumption expenditures inflation report — and earnings season stays busy, with Bristol-Myers Squibb (BMY) reporting before the bell, followed by Amazon (AMZN), Apple (AAPL) and Coinbase (COIN) after the close.

Fed Divisions Deepen

The Federal Reserve left interest rates unchanged on Wednesday, as widely expected, but the meeting revealed growing divisions among policymakers and gave investors little clarity on what comes next. Three regional Fed presidents — Lorie Logan, Neel Kashkari and Beth Hammack — voted in favor of a quarter-point increase. Chair Kevin Warsh welcomed the disagreement, calling it a healthy “family fight” and part of a more open decision-making process.

Aside from detailing the dissenting votes, the Fed’s policy statement was largely unchanged and remained unusually brief. Warsh defended the limited guidance, arguing that policymakers should focus on current conditions rather than try to signal a precise path in an uncertain environment. He also repeated the Fed’s commitment to bringing inflation under control, while warning that the process would take time and that there is no quick solution.

Bond markets were less convinced. Longer-term Treasury yields rose sharply, with the 30-year yield climbing to its highest level since 2007, suggesting investors remain concerned that inflation could stay elevated. Warsh also offered few clues about September, leaving the next decision dependent on incoming inflation data, economic growth and developments in energy markets.

Stocks on the Move

• Meta Platforms (META): Shares fell nearly 10% after quarterly earnings of $6.18 per share missed estimates by $1.04. The company also forecast third-quarter revenue of $61 billion to $64 billion, with the lower end falling short of expectations.
• Microsoft (MSFT): Shares gained about 3% after quarterly revenue of $90.01 billion topped forecasts. Azure grew 43% in constant currency, ahead of expectations, while annual Azure revenue surpassed $100 billion for the first time.
• Starbucks (SBUX): Shares jumped 5% after the coffee chain raised its full-year outlook and reported 7.9% same-store sales growth. Adjusted earnings and revenue also exceeded Wall Street estimates.
• Carvana (CVNA): Shares tumbled 14% after the online used-car retailer issued full-year earnings guidance of $2.7 billion to $3 billion, below several Wall Street forecasts.
• Chipotle Mexican Grill (CMG): Shares rose 3% after quarterly earnings and revenue beat expectations. The company also raised its full-year same-store sales outlook to low-single-digit growth from its previous forecast for flat sales.

Watchlist: META, MSFT, CVNA, FTNT, SBUX, MU, LRCX, CMG, HOOD

Key Economic Events Today

Economic Data (EST)

• 8:30 AM — USD Advance GDP
• 8:30 AM — USD Core PCE Price Index
• 8:30 AM — USD Unemployment Claims
• 10:30 AM — USD Natural Gas Storage

Earnings

Before Market Open: Mastercard Inc. (MA), Shell PLC (SHEL), Anheuser-Busch (BUD), Bristol-Myers Squibb (BMY), Altria Group (MO), Ferrari (RACE), Valero Energy (VLO)

After Market Close: Apple Inc. (AAPL), Amazon.com (AMZN)