Amazon Soars, Apple Sinks as US Stocks Close Out Wild July

US stocks closed out July on a positive note, bucking a month of wild fluctuations. The S&P 500 rose by 0.7% after seesawing between gains and losses throughout the day.

The Dow Jones Industrial Average gained 276 points (0.5%), while the Nasdaq composite rallied 1%, recovering from an earlier loss of 1.3%.

Amazon led the charge with a 15.3% surge, as its quarterly profit more than tripled year-over-year, driven by growth in its cloud computing business.

However, Apple's stock took a hit, falling 7.4%, despite reporting stronger-than-expected quarterly profits. Its forecast for revenue growth in the current quarter fell short of expectations due to supply chain constraints.