Amazon Soars as Rate Hike Fears Sink Tech Stocks

A turbulent July for U.S. stocks came to a close on Friday with sharp swings, as Amazon's earnings report sent shares soaring over 15% and lifted the Nasdaq Composite to a 1% gain.

However, Micron faced heavy selling pressure after its 18% surge the previous day, tumbling nearly 6% as rate hike fears persisted. The S&P 500 rose 0.7%, while the Dow Jones Industrial Average added 276 points, or 0.5%.

The Nasdaq Composite fell 3.2% in July, marking its worst July performance since 2006. Amazon's quarterly profit surged more than threefold year-over-year, with accelerating growth in its cloud computing business seen as a signal that massive AI investments are beginning to translate into actual revenue.