Markets Close a Volatile July 31/07/2026
Market Wrap
US stocks rebounded sharply on Thursday, recovering from the previous session’s selloff as strong gains in Microsoft and semiconductor shares lifted the broader market. The Nasdaq Composite surged 2.8% to 25,122.18, snapping a six-session losing streak. The Dow Jones Industrial Average climbed 614 points, or 1.2%, to 52,208.06, while the S&P 500 advanced 1.7% to 7,437.63. Microsoft (MSFT) jumped 16% after reporting stronger growth in its Azure cloud business. Semiconductor stocks also rallied, with the iShares Semiconductor ETF (SOXX) gaining more than 8%. Micron Technology (MU) surged 18%, while Advanced Micro Devices (AMD) rose more than 13%.
The rebound carried into Asia, where South Korea’s Kospi soared more than 15% on Friday as chip heavyweights SK Hynix and Samsung Electronics rallied. European futures also pointed higher, with Euro Stoxx 50 futures up about 0.6%.
Oil prices extended their decline as signs of improving crude flows through the Strait of Hormuz eased immediate supply concerns. West Texas Intermediate fell 1.6% to $82.24 a barrel, while Brent crude slipped about 1% to $88.16. Friday’s economic calendar includes the latest consumer sentiment reading and inflation expectations, both of which could provide fresh clues on the outlook for spending and monetary policy.
Apple Slides, Amazon Soars
Apple (AAPL) and Amazon (AMZN) took center stage after the closing bell, delivering strong quarterly results but very different market reactions.
Apple beat earnings and revenue expectations, driven by a 22% jump in iPhone sales, while Mac revenue also came in ahead of forecasts. However, the stock fell more than 6% in extended trading after the company issued weaker-than-expected guidance, warning that supply constraints and rising memory costs will continue to pressure results in the current quarter.
Amazon, meanwhile, surged more than 10% after reporting better-than-expected earnings and revenue, supported by accelerating cloud growth. Amazon Web Services (AWS) revenue climbed 37%, its fastest pace since 2021, highlighting continued strength in AI-related demand. The company also raised its 2026 capital expenditure forecast to $220 billion, signaling that heavy investment in AI infrastructure will continue despite rising component costs.
Stocks on the Move
- Coinbase (COIN): Shares fell more than 5% after the crypto exchange posted its third consecutive quarterly loss. The company reported a loss of $1.36 per share on revenue of $1.22 billion, both weaker than Wall Street expected.
- Rivian Automotive (RIVN): Shares gained nearly 2% after the electric-vehicle maker lowered its 2026 spending plans and slightly narrowed its projected annual losses. The company also reaffirmed its delivery target of 65,000 to 70,000 vehicles.
- Reddit (RDDT): Shares dropped more than 7% in extended trading as concerns over volatile Google search-referral traffic overshadowed stronger-than-expected quarterly results and an upbeat outlook.
- First Solar (FSLR): Shares rose more than 3% after second-quarter earnings beat expectations. The solar manufacturer earned $3.92 per share, while revenue of $1.06 billion was broadly in line with estimates.
Watchlist: AAPL, AMZN, META, XOM, CVX, CCJ, MU, AMAT, COIN
Key Economic Events Today
Economic Data (EST)
- 9:45 AM — USD Chicago PMI
- 10:00 AM — USD Consumer Sentiment
- 10:00 AM — USD Inflation Expectations
Earnings
Before Market Open: ExxonMobil (XOM), AbbVie (ABBV), Chevron (CVX), Linde Plc. (LIN), Colgate-Palmolive (CL), Cameco Corp. (CCJ), Moderna (MRNA)
