Amazon Soars as Wall Street Sees Wild July Continue

Wall Street's wild July continued on Friday as stocks swung between gains and losses. Amazon leaped 13.8% after reporting a much stronger-than-expected profit for the latest quarter, thanks in part to growth in its cloud computing business.

The stock reaction was similar to what Microsoft saw a day earlier, when it soared to its best day in nearly 18 years on signals that its AI investments are yielding higher profits. Analysts say this could be a sign of Amazon's huge investments in artificial-intelligence technology paying off.

However, not all tech stocks were up. Apple fell 9.3% despite reporting stronger profit for the latest quarter than expected, with its forecast for growth in the current quarter falling short of expectations due to a supply crunch in components being vacuumed up in the AI boom.

Rising oil prices also added to worries about inflation, which has already squeezed the bond market. The price for a barrel of Brent crude rose 1.8% to $88.42, while the yield on the 10-year Treasury jumped to 4.73% from 4.68% late Thursday.