US Stock Market Summary — July 31, 2026

All three major indexes rose for a second straight day. The Nasdaq gained 1.00% to 25,373.85, the S&P 500 rose 0.70% to 7,489.72, and the Dow added 0.53% to 52,485.03 (MarketWatch). The trigger was Amazon's earnings, released the previous evening. Revenue from its cloud-computing business AWS grew 36.7% (Yahoo Finance). Two days earlier (July 29), Microsoft delivered similar evidence, marking another data point showing that "AI investment is translating into revenue." On the other side was Apple. CEO Tim Cook warned that the impact of a memory shortage was intensifying (MarketWatch). The macro backdrop weighed on sentiment. The 10-year Treasury yield climbed to 4.73%, the highest since January 2025 (CNBC). Combined 2026 capital expenditure plans from the four hyperscalers also surpassed $720 billion (Yahoo Finance). The VIX (volatility index) fell 5.68% to 16.12. The Fear & Greed Index (an investor-sentiment thermometer) sits at 42, still in "Fear" territory.

Today's rotation (the flow of money shifting across sectors) was driven not by industry but by earnings reports. Money piled into consumer discretionary, home to Amazon, and communication services, home to Alphabet. The technology sector, by contrast, slipped 0.22%, weighed down by Apple alone. Within the same AI narrative, it was a day of clear winners and losers. With Treasury yields spiking, rate-sensitive assets such as gold, silver, and small-cap stocks were all sold off in tandem.

> The main events for the next trading day are shown automatically.

> "Amazon shares are rising because, following Microsoft, the company showed investors exactly what they wanted to see: strong cloud growth and AI monetization."

> — Kyle Rodda, Senior Financial Markets Analyst at Capital.com

> "The market is rewarding the evidence. AWS reaccelerated with improving margins, demand is visibly outrunning supply capacity through 2027, and enterprise adoption of inference services is still in its early innings."

> — Maria Ripps, Analyst at Cannacord Genuity

> "This quarter could rank among the most impressive of the past decade."

> — Daniel Kurnos, Analyst at Benchmark (raising price target from $370 to $400)

> "AWS's strong growth is a clear signal that infrastructure investment is not running ahead of demand and wasting capital — it is properly calibrated to actual market demand."

> — Tracy Woo, Principal Analyst at Forrester

Technical signals were split exactly down the middle, with 120 bullish and 120 bearish readings. The day's divergence was etched directly onto the charts. Alphabet and Amazon registered Golden Crosses (a short-term moving average piercing above a long-term moving average — a bullish signal), while Apple posted the opposite, a Death Cross. Linde and Qualcomm, meanwhile, broke below the lower Bollinger Band (a band charting the range in which a stock typically trades), flashing "oversold" signals. View the Technical Signals Report — Today was a day of bifurcation between "companies already making money from AI" and "companies hit by rising component costs." Next week, all you need to watch is whether the 10-year Treasury yield extends its move higher from the 4.7% range.