Amazon Boosts Stocks as Oil Prices Weigh on US Market

The US stock market ended July on a high note as Amazon saw its shares jump by 15.3% after reporting stronger-than-expected profits for the latest quarter, while Apple's stocks dropped 7.4% due to revenue growth concerns.

The S&P 500 index rose 0.7%, with the Dow Jones Industrial Average adding 276 points or 0.5%. The Nasdaq composite rallied 1%, despite briefly losing its early 1.3% gain.

Rising oil prices continued to weigh on investor worries about inflation, which reached an average of nearly $4.11 per gallon in the US due to the ongoing conflict with Iran and concerns about the impact of artificial intelligence investments on profit margins.