Amazon Surges, Apple Tanks Amidst US Stock Market Volatility
US stocks ended July on a volatile note as Amazon's stock surged by 15.3% after reporting stronger-than-expected quarterly profits, while Apple's stock dropped 9.1% despite also beating earnings expectations.
The S&P 500 rose 0.7%, with the Dow Jones Industrial Average up 324 points or 0.6%, and the Nasdaq composite increasing by 0.9% after briefly losing its early gains of 1.3%.
Rising oil prices, which have been affected by the war with Iran, added to inflation concerns, pushing bond yields higher as investors become increasingly worried about economic growth and price pressures.
Chipmakers like Micron Technology saw their stock swing sharply again on Friday, while tech giants Samsung Electronics and SK Hynix led a surge in Seoul's Kospi index by at least 26.8% after it more than doubled in the first six months of the year.