Amazon Soars as Wall Street Wraps Up Wild July

Wall Street wrapped up its wild July on a positive note as Amazon's stock surged and Apple's dropped. The S&P 500 rose 0.7% after a day of fluctuations, with the Dow Jones Industrial Average adding 0.5% and the Nasdaq composite jumping 1%. Amazon led the market with a 15.3% gain after reporting stronger-than-expected profits for the latest quarter.

The company's cloud computing business saw significant growth, and analysts believe this could be a sign that its large AI investments are paying off. Amazon increased its forecast for how much it will spend on investments this year, echoing Microsoft's recent performance when its stock surged after reporting similar results.

Chipmakers Micron Technology swung sharply between gains and losses, ultimately ending the day down 4%. Apple dropped 9.1% despite reporting stronger profits than expected, with executives attributing this to a supply crunch in components due to high demand from companies investing in AI technology.