Amazon Soars, Apple Sinks as US Stocks Rise Amid Inflation Worries

The US stock market ended July on a high note, with Amazon leading the charge after reporting stronger-than-expected profits. The tech giant's shares surged 15.3% as investors bet that its massive investments in artificial intelligence technology will pay off.

However, not all big-tech stocks were winners. Apple's shares dropped 7.4% despite also beating profit expectations, due to a revenue growth forecast that fell short of analysts' estimates.

The S&P 500 index rose 0.7%, while the Dow Jones Industrial Average added 276 points, or 0.5%. The Nasdaq composite rallied 1% after briefly losing an early 1.3% jump.