US stocks reversed course in July on earnings update; AAPL, AMZN surge

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Wall Street indices ended the last trading day of the month on a positive note on July 29, Friday, while the S&P 500 index marked its best performing month in about two years.

The S&P 500 rose 1.42% to 4,130.29. The Dow Jones rose 0.97% to 32,845.13. The NASDAQ Composite added 1.88% to 12,390.69, and the small-cap Russell 2000 rose 0.65% to 1,885.23.

The flurry of recent data suggesting the economy is crippling has eased some investor concerns that the Fed could become dovish with monetary policy amid a slowing economy.

Additionally, positive earnings from big companies like Apple Inc. (NASDAQ AAPL) and Amazon.com, Inc. (AMZN), among others, lifted market sentiment, suggesting that big companies avoided market uncertainties. during the last trimester.

In economic data, consumer spending jumped 1.1% in the previous month, accelerating from May, the Commerce Department reported Friday.

On the other hand, the PCE price index rose 1% over the previous month, the Commerce Department report showed on Friday, noting its largest monthly gain since 2005. In May, the price index PCE rose 0.6%.

Nine of the 11 segments of the S&P 500 index were in the green, with the consumer staples and healthcare sectors down. Consumer discretionary and information technology provided the biggest boost.

Shares of Apple Inc. (AAPL) gained 3.6% in intraday trading, a day after the tech company reported growth in iPhone sales last quarter.

Amazon.com, Inc. (AMZN) climbed 11.78%, a day after the e-commerce company reported strong quarterly revenue growth that beat analysts’ estimates.

Procter & Gamble Company (PG) shares fell 5.76% after the consumer goods company said consumers were cutting spending after months of rising inflation.

In the healthcare sector, AbbVie Inc. (ABBV) fell 4.17%, AstraZeneca PLC (AZN) 0.73% and Abbott Laboratories (ABT) 1.38%. Novartis AG (NVS) and Bristol-Myers Squibb Company (BMY) fell 1.64% and 1.23% respectively.

In technology stocks, Microsoft Corporation (MSFT) gained 1.57%, NVIDIA Corporation (NVDA) jumped 1.00% and ASML Holding NV (ASML) jumped 2.45%. Oracle Corporation (ORCL) and Adobe Inc. (ADBE) gained 1.04% and 1.64% respectively.

In the energy sector, Exxon Mobil Corporation (XOM) rose 4.63%, Chevron Corporation (CVX) 8.90% and Shell plc (SHEL) 3.67%. TotalEnergies SE (TTE) and ConocoPhillips (COP) rose 4.29% and 3.58% respectively.

Futures contracts and commodities

Gold futures rose 0.78% to US$1,764.00 an ounce. Silver rose 2.33% to US$20.330 an ounce, while copper rose 3.34% to US$3.5907.

Brent oil futures rose 1.88% to US$103.74 a barrel and WTI crude rose 1.99% to US$98.34.

The main volume movements in the US stock market on July 29

Bond market

Yields on 30-year Treasury bonds fell 0.78% to 3.015, while yields on 10-year bonds fell 0.94% to 2.656.

The US Dollar Futures Index fell 0.51% to $105.690.

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