Amazon Soars as US Stocks End July on a High Note Amid Inflation Worries

US stocks ended July on a high note as Amazon's stock surged 15.3% after reporting stronger-than-expected profits for the latest quarter, while Apple dropped 9.1% due to a lackluster forecast for upcoming revenue growth.

The Dow Jones Industrial Average added 0.5%, and the Nasdaq composite jumped 1%. The S&P 500 climbed 0.7% after veering between gains and losses through the day.

Rising oil prices continued to worsen worries about inflation, with the price for a barrel of Brent crude rising 1.2% to settle at $87.93.

The worries about inflation sent yields in the bond market even higher, with the yield on the 10-year Treasury jumping to 4.74% from 4.68% late Thursday.