Amazon Fuels US Stock Rally as Apple Sinks Amid Inflation Concerns

US stocks ended July on a high note after a wild month of trading. The S&P 500 rose 0.7% as Amazon's stock soared 15.3% following strong profit reports for the latest quarter. Apple, however, dropped 9.1% due to disappointing growth forecasts.

The Dow Jones Industrial Average added 0.5%, while the Nasdaq composite jumped 1%. Rising oil prices and inflation worries continued to weigh on investors' minds, with Brent crude settling at $87.93 per barrel and Treasury yields climbing to 4.74%.

Chipmakers such as Micron Technology saw sharp swings in their stock prices due to the ongoing AI boom. The Federal Reserve's chairman, Kevin Warsh, maintained his commitment to getting inflation back down to 2%, but refused to provide details on how he plans to achieve this goal.