Amazon Fuels US Stock Market Rebound as Inflation Worries Linger
The US stock market finished a wild July with mixed results on Friday. Despite rising oil prices and ongoing inflation concerns, major indices saw gains in the final trading session of the month.
The S&P 500 climbed 0.7%, while the Dow Jones Industrial Average added 276 points (0.5%) and the Nasdaq composite rallied 1%. Amazon led the market with a 15.3% leap after reporting stronger-than-expected profit for the latest quarter, which more than tripled from a year earlier.
The company's cloud computing business saw significant growth, signaling that its massive investments in artificial-intelligence technology may be paying off. This mirrors Microsoft's performance the previous day, when its stock surged to its best day in nearly 18 years on similar signals of AI-driven profitability.
However, chip companies selling processors and computer memory swung sharply on Friday, with Micron Technology experiencing a 6.5% loss after initially jumping 6.4%. Apple dropped 7.4% despite reporting stronger profit for the latest quarter than expected, due to its forecasted revenue growth in the current quarter falling short of expectations.