Amazon Soars as Apple Slumps on Supply Chain Worries

U.S. stocks closed out July on a positive note, as Amazon's surge in shares offset Apple's decline.

A massive jump of 15.3% in Amazon's stock price was driven by its quarterly profits more than tripling compared to the previous year.

This growth was primarily due to an acceleration in its cloud computing division, AWS, and Wall Street analysts viewed it as evidence that Amazon's heavy investments in artificial intelligence (AI) are paying off.

However, other tech giants did not fare as well, with Apple shares tumbling 7.4% despite beating quarterly profit expectations.