Amazon jumped 17% for the week after Friday's 15% spike on strong AWS results. Apple fell 7% the same day, marking its worst performance since April 2025. Bitcoin lost 2.1% as the dollar weakened.
The divergence was brutal. Amazon Web Services revenue climbed 37% year-over-year, its fastest pace since 2021. Even news of higher capital spending for 2026 couldn't dent investor appetite. Meanwhile Apple faced component shortages and issued a weaker outlook, sending traders for the exits.
Tech itself fractured hard. Microsoft gained 21.75% and Alphabet rose 11.38%. Yet Micron fell 10.63% and AMD lost 8.78%. The equal-weighted S&P 500 hit a record while high-growth semiconductor names dropped 25% in July alone, the worst month since May 2009.
Cloud companies led by a record margin over the Nasdaq 100 for the week. Investors still hedged aggressively with options despite the rally. Dollar weakness pulled the DXY index down 1.3%, its biggest weekly fall in three months, as traders questioned whether the Fed was serious about inflation control.
Gold ticked up 0.9% but silver fell 1.6%. Major U.S. indexes closed the week in the black though the split between winners and losers suggests fragile confidence under the surface.
This material is informational only and should not be construed as financial advice. Market conditions are volatile and past performance does not guarantee future results.
