Amazon Soars as Apple Sinks Amid Inflation Worries

The US stock market ended July on a positive note despite concerns about inflation and rising oil prices.

Amazon's stock surged 15.3% after reporting stronger-than-expected profits for the latest quarter, more than tripling from last year thanks to growth in its cloud computing business.

The company increased its forecast for investments this year, a sign that its AI investments are paying off.

However, Apple's stock dropped 7.4% despite reporting stronger profits than expected, due to a disappointing revenue growth forecast and supply chain issues caused by the AI boom.

Oil prices rose 1.2% to $87.93 per barrel, pushing gasoline prices to nearly $4.11 per gallon in the US.