S&P 500 Closes Up 0.70% at 7,489.72 as Amazon's 15% Gain Outweighs Apple's 7% Drop
S&P 500 close: 7,489.72 (+0.70%) Breadth: 4 of 11 sector ETFs higher; equal weighted S&P 500 -0.17% Sentiment: mixed
The S&P 500 closed at 7,489.72 on 31 July 2026, up 0.70%, on two earnings reactions that pulled against each other. AMZN.US rose 15.32% to $271.58 after AWS revenue grew 37% year over year to $42.23 billion, its fastest rate since 2021, while AAPL.US fell 7.35% to $308.91 on September quarter guidance of 9% to 11% revenue growth against consensus of 11.8%. The 10 year Treasury yield added 8 basis points to 4.745% and the Russell 2000 fell 0.50%.
What moved the index
- AMZN.US +15.32% carried roughly 63 basis points of the 70 basis point index move at about a 4.1% index weight. AWS booked $42.23 billion against a $40.54 billion consensus, and total sales reached $200.6 billion.
- Alphabet +6.80% average (GOOGL.US +6.73%, GOOG.US +6.88%) added about 45 basis points at a combined 6.6% weight, recovering part of the 23 July post earnings decline after Google DeepMind published its Gemini Robotics 2 and On-Device 2 models.
- AAPL.US -7.35% subtracted about 58 basis points, the largest single drag in the index, at a 7.9% weight. Services revenue of $30.7 billion missed, and management flagged a memory shortage worsening September quarter supply for iPhone, iPad and Mac.
- NVDA.US +2.93%, MSFT.US +3.02% and META.US +3.28% together contributed about 45 basis points, extending Thursday's move after Microsoft reported Azure growth of 43% in constant currency.
Those six names account for roughly 95 basis points against a 70 basis point index move, which leaves the remaining 494 names at about negative 25 basis points. The equal weighted S&P 500 fell 0.17% and the Russell 2000 fell 0.50% on the same session.
Session highlights
- 4 of 11 sector ETFs finished higher. XLY.US gained 3.29% on Amazon alone and XLC.US added 1.56%, while XLB.US lost 2.34%.
- XLK.US fell 0.22% even with NVDA.US +2.93% and MSFT.US +3.02%, because Apple carries the largest weight in the technology sector.
- 10 year Treasury yield rose 8 basis points to 4.745% and the 30 year rose 7 basis points to 5.275%.
- WTI crude settled at $86.80, up 3.84%, and has recovered 9.5% from its 28 July close of $79.26.
- VIX fell 6.44% to 15.99, a second straight decline after the 29 July Federal Reserve meeting.
Sector scorecard
- Best: Consumer Discretionary (XLY.US) +3.29%
- Worst: Materials (XLB.US) -2.34%
- Dispersion (best minus worst): 5.63 points
- HUN.US -19.14%, PRM.US -17.78%, OLN.US -16.51% and CTVA.US -11.90% drove the materials decline, a far wider spread than the -2.34% sector move.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| AXTI.US | +28.74% | Q2 EPS $0.19 against $0.07 consensus; record indium phosphide sales |
| ITGR.US | +20.18% | Unannounced. Board sale or merger review still open |
| AMBA.US | +16.08% | Report of NXP Semiconductors acquisition talks |
| AMZN.US | +15.32% | AWS revenue up 37% to $42.23 billion, fastest since 2021 |
| BHC.US | +14.26% | Second day higher on raised 2026 revenue guidance |
| RBLX.US | -26.85% | Q3 bookings guide implies first year over year decline; two sell downgrades |
| VCYT.US | -22.52% | Q2 beat and raised 2026 guidance; drop unannounced |
| RDDT.US | -20.99% | CEO called search referrals choppy despite 61% revenue growth |
| ALHC.US | -20.20% | Reinvestment plan lowers second half earnings |
| HUN.US | -19.14% | Q2 net loss of $6 million on revenue of $1.66 billion |
Earnings reactions
AAPL.US posted record June quarter revenue of $109.4 billion, EPS of $2.02 and iPhone revenue up 22% year over year, and still fell 7.35%, because Services came in at $30.7 billion and the September quarter guide trailed consensus. Executives tied the constraint to a memory shortage that worsens supply for iPhone, iPad and Mac into the September quarter.
RDDT.US reported revenue of $804.9 million, up 61.1%, EPS of $1.25 against $0.95 expected, and daily active uniques of 130.3 million, up 18%. The stock fell 20.99% after the chief executive described search referrals as choppy during the quarter. RBLX.US reported revenue of $1.47 billion against roughly $1.6 billion expected and daily active users of 123 million against roughly 128 million.
No company reported after Friday's close, so no post bell earnings reaction carries into Monday.
Notable announcements
- ITGR.US board strategic review, opened 30 April, remains open with no transaction announced.
- AMBA.US traded on a report of acquisition discussions with NXP Semiconductors, unconfirmed by either party.
- BHC.US raised full year 2026 revenue guidance to a range of $10.8 billion to $11.0 billion against roughly $10.7 billion consensus.
Next session catalysts (ET)
- Mon 3 Aug, after close: PLTR.US second quarter results
- Tue 4 Aug, after close: AMD.US second quarter results, consensus EPS $1.61 on revenue of $11.3 billion
- Week of 3 Aug: DIS.US, SHOP.US and UBER.US report
- Mon 3 Aug, 09:30: first cash session of August; the 10 year enters at 4.745% and the 30 year at 5.275%
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