S&P 500 – 7,489.72 (+0.70%)

Dow Jones – 52,485.03 (+0.53%)

NASDAQ – 25,373.85 (+1.00%)

• Market Recap: U.S. stocks closed higher Friday as Wall Street digested blockbuster earnings from Apple (AAPL) and Amazon (AMZN), with both companies beating expectations on revenue and profits. The S&P 500 gained 0.70%, the Dow Jones climbed 0.53%, and the Nasdaq jumped 1.00% as investors continued piling into technology and AI winners. Amazon stole the spotlight, proving the AI hype is real as AWS exploded higher and its chip business emerged as a major growth engine, while Apple slipped after management issued a more cautious outlook tied to supply constraints and rising AI-related component costs.
• Washington Doubles Down on AI: Washington is stepping deeper into the semiconductor race by taking stakes in chip companies as competition for AI dominance accelerates. The latest investments are aimed at strengthening U.S. technology leadership, expanding domestic chip production, and supporting advanced computing infrastructure as America battles for control of the next generation of innovation.
• Amazon’s AI Engine Roars: Amazon delivered one of the biggest market wins of earnings season, with AWS revenue surging 37% year over year—its fastest growth rate in more than four years. Investors cheered as Amazon’s AI and chip businesses surpassed $25 billion annualized run rates, reinforcing the company’s position as a major player in the AI arms race.
• Global Markets Rally: Overseas markets followed Wall Street higher, with South Korea’s Kospi surging nearly 18% as technology stocks rebounded and European indexes finishing modestly higher. The global strength highlighted continued investor appetite for AI, semiconductors, and growth-focused technology companies.
• Treasury Yields Climb: Treasury yields continued moving higher, with the benchmark 10-year yield rising back above 4.7% as investors monitored inflation trends, economic data, and expectations for future Federal Reserve policy.
• Microsoft Keeps Winning: Microsoft (MSFT) delivered one of the strongest moves on Wall Street this week, soaring 15.5% Thursday after blockbuster earnings and a commitment to remain free cash flow positive through fiscal 2027. The surge marked Microsoft’s best single-day performance since 2008, though shares paused Friday following the massive rally.
• Energy Earnings Split: ExxonMobil (XOM) and Chevron (CVX) delivered mixed results before the opening bell. Exxon slipped after missing Wall Street expectations, with CEO Darren Woods pointing to refinery disruptions tied to the Strait of Hormuz, while Chevron edged higher after topping estimates and highlighting strong execution despite market challenges.
• Healthcare Takes a Hit: Healthcare stocks faced pressure as investors looked beyond earnings beats. Moderna (MRNA) declined despite reporting stronger-than-expected earnings, revenue, and full-year guidance, while AbbVie (ABBV) fell after slightly lowering its outlook. Novo Nordisk (NVO) suffered the biggest setback, plunging after its cardiovascular drug ziltivekimab failed to deliver the results investors hoped for, creating a major obstacle in the company’s effort to expand beyond Ozempic and Wegovy.
• SpaceX Gains Capitol Attention: SpaceX (SPCX) continues attracting attention from Wall Street to Washington, with six members of Congress disclosing investments in the aerospace company following its market debut. The company remains one of the most closely watched names in space technology, defense, and satellite communications.
• GM Reinvents Performance: General Motors (GM) is rewriting the performance playbook with the 721-horsepower Corvette Grand Sport X, combining classic V8 muscle with next-generation electric technology. The new hybrid Corvette highlights GM’s strategy of blending electrification with high-performance engineering.
• Crypto and Social Media Slide: Coinbase (COIN) dropped more than 6% after reporting a larger-than-expected quarterly loss, marking its third straight quarterly loss. Bitcoin also moved lower and remains down more than 27% in 2026, while Reddit (RDDT) plunged despite solid earnings as investors focused on concerns around search referral traffic.
• Seasonal Weakness Ahead: Historically, August and September have been among the weakest months for stocks, potentially creating a tougher seasonal backdrop for investors. However, strong earnings growth, AI momentum, and resilient economic conditions remain key factors supporting the broader market outlook.

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"What's dangerous is not to evolve."

 — Jeff Bezos

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Notable Stocks

• Intel Corp. (INTC)
• Amazon (AMZN)
• Apple (AAPL)
• Nvidia (NVDA)
• SpaceX (SPCX)

Weekly Notables

GM Electrifies the Corvette Legend With a 721-Horsepower Hybrid Beast

General Motors (GM) is pushing the Corvette into a new era with the launch of the 2027 Chevrolet Corvette Grand Sport X, a hybrid performance machine that blends classic V8 muscle with next-generation electrification. The new model becomes GM’s only hybrid vehicle currently on sale and delivers a massive 721 horsepower, proving that electrification doesn’t have to mean sacrificing speed or excitement.

Novo Nordisk Takes a Hit as Heart Drug Fails Major Trial

Novo Nordisk (NVO) shares tumbled nearly 9% Friday after the company’s experimental cardiovascular drug ziltivekimab failed to deliver the heart-protection results investors were hoping for. The setback puts pressure on Novo’s efforts to expand beyond its blockbuster diabetes and obesity franchises, which generated the vast majority of the company’s revenue last year.

Earnings Spotlight: Walt Disney (DIS)

Disney reports fiscal third-quarter earnings on Aug. 5. The consensus analyst estimate calls for adjusted revenue of $25.4 billion, up 7.5% year over year, and earnings of $1.85, up 15%.

What to Watch Ahead:

August 3: ISM Manufacturing PMI® for July, and expected earnings from Marriott (MAR), Palantir (PLTR), Vertex Pharmaceuticals (VRTX), Williams Companies (WMB), ONEOK (OKE), and Diamondback Energy (FANG). 
August 4: Expected earnings from Caterpillar (CAT), Merck (MRK), Toyota (TM), McDonald's (MCD), Pfizer (PFE), BP (BP), Duke Energy (DUK), Cummins (CMI), Marathon Petroleum (MPC), Apollo Global Management (APO), Rockwell Automation (ROK), Space Exploration Technologies (SPCX), Advanced Micro Devices (AMD), Arista Networks (ANET), Amgen (AMGN), and Gilead Sciences (GILD).
August 5: ADP employment data for July, ISM Services PMI® for July, and expected earnings from Eli Lilly (LLY), Walt Disney (DIS), Novo Nordisk (NVO), Shopify (SHOP), CVS (CVS), Uber (UBER), Sandisk (SNDK), Western Digital (WDC), and AppLovin (APP).
August 6: Preliminary second-quarter productivity and expected earnings from ConocoPhillips (COP), Cloudflare (NET), and Airbnb (ABNB).
August 7: June nonfarm payrolls, hourly earnings, and unemployment rate.