Amazon Soars as Apple Sinks Amid Inflation Worries

Stocks closed out a wild July on a positive note, with Amazon's strong earnings propelling the company to new heights. Meanwhile, Apple's shares took a hit as investors grew increasingly concerned about inflation.

The S&P 500 index rose by 0.5% in the final trading session of the month, while the Dow Jones Industrial Average gained 0.6%. The Nasdaq Composite Index, however, fell by 1.2%, weighed down by Apple's disappointing earnings report.

Amazon, on the other hand, delivered a stellar performance, with its shares surging 7.5% after the company reported better-than-expected quarterly results. The tech giant's strong showing helped to boost consumer discretionary stocks and drive the overall market higher.