The last two names of the season split the tape. After Thursday's record-setting rebound, detailed in our Thursday evening review, the final Magnificent Seven reports landed after the bell and pulled in opposite directions. Amazon soared about 9 percent in extended trading as its cloud unit posted its fastest growth in more than four years, while Apple slid more than 4 percent even after a strong iPhone quarter, as investors fixed on China. S&P 500 futures firmed on the Amazon beat, and now attention turns to a wall of month-end jobs and sentiment data. This is the Friday scorecard and the road map into the last session of July. These are events to watch, not instructions to act on any asset.

Amazon's Cloud Beat Steals the Show

The standout was Amazon. The stock jumped about 9 percent after hours on a stronger-than-expected June quarter, and the engine was the cloud: Amazon Web Services grew roughly 37 percent year over year, comfortably above the 31 percent Wall Street expected and its fastest pace in 18 quarters. That acceleration, the fifth straight quarter of quickening cloud growth, renewed confidence in the payoff from Amazon's heavy artificial-intelligence build-out and echoed the message Microsoft's Azure sent a day earlier. Coming after a season in which the market punished capital spending unless it was matched by visible demand, AWS delivered exactly the demand signal investors wanted, and the after-hours move helped lift index futures into Friday.

Key Takeaways: Amazon
  • Amazon rose ~9% after hours on a stronger-than-expected June quarter
  • AWS grew ~37%, its fastest pace in 18 quarters and above the ~31% expected
  • It was the fifth straight quarter of accelerating cloud growth
  • The beat helped firm S&P 500 futures overnight into Friday

Apple Slides Despite a Strong iPhone

Apple told the opposite story. The company reported stronger-than-expected fiscal third-quarter revenue, driven by a roughly 22 percent jump in iPhone sales, yet the stock fell more than 4 percent in volatile after-hours trading. The sticking point was China, where investors read softness that overshadowed the headline beat, a familiar pattern in which the market looks past a solid quarter to the region and guidance it worries about most. The contrast with Amazon was stark: one of the two closing reports of the season was rewarded for cloud momentum while the other was marked down despite a clear top-line beat, a reminder that this season has rewarded the specific growth story the market is chasing rather than the raw numbers.

Key Takeaways: Apple
  • Apple fell 4%+ after hours despite beating on revenue
  • iPhone sales jumped ~22%, but China weakness took the focus
  • The market looked past the beat to the region it worries about most
  • The split with Amazon shows this season rewards momentum, not just beats
A single ornate polished golden desk flip calendar with a blank page standing upright on a dark reflective black marble surface under dramatic amber and orange rim light with soft glowing golden bokeh behind it, symbolising the data-heavy month-end Friday July 31 2026 that brings the second-quarter Employment Cost Index, the ADP national employment report and final University of Michigan consumer sentiment as July trading closes

Thursday's Record Rebound in the Rearview

The earnings split lands on top of a powerful session. On Thursday, as covered in our Thursday morning analysis, Wall Street staged an emphatic recovery from the Fed-driven rout. Microsoft surged about 15 percent for its biggest one-day gain since 2008 after Azure topped $100 billion in annual revenue, and the move powered a broad advance: the S&P 500 rose 1.66 percent to a 7,437.63 close, the Nasdaq Composite jumped 2.78 percent back out of correction, and the Dow climbed 1.19 percent. A cooler June PCE print and easing Treasury yields did the quiet work beneath the rally. That backdrop, a record close and a friendlier rate picture, is what Friday's data and the Amazon-Apple reaction will now test.

Key Takeaways: Thursday's Close
  • Microsoft +~15% drove the Nasdaq up 2.78% out of correction
  • S&P 500 closed at 7,437.63 (+1.66%), a record; Dow +1.19%
  • A cooler June PCE and easing yields underpinned the rebound
  • Friday tests whether that record close and rate reprieve hold

A Data-Heavy Month-End Friday

The final session of July is stacked with releases. The ADP national employment report for July is due at 8:15 a.m. ET, followed by the second-quarter Employment Cost Index at 8:30 a.m. ET, the single most closely watched wage gauge and a direct input into the Fed's inflation thinking after Wednesday's divided hold. Final University of Michigan consumer sentiment and the Chicago PMI round out the morning. Layered on top are month-end rebalancing flows, which can amplify moves into the close regardless of the headlines. With the Fed still split over inflation, a hot Employment Cost Index would revive the rate anxiety that sank stocks on Wednesday, while a soft print would reinforce the reprieve that fueled Thursday's bounce. Follow the schedule on our economic calendar.

Key Takeaways: Friday's Data
  • ADP jobs (8:15 ET) and the Q2 Employment Cost Index (8:30 ET) headline
  • The ECI is a key wage gauge feeding the Fed's inflation view
  • Consumer sentiment and Chicago PMI round out the morning
  • Month-end flows can amplify moves into the close

Gold Eases, Oil Slides, Dollar Firms

Away from equities, the dollar set the tone. Gold eased to about $4,077, down roughly 0.5 percent, after the Bank of Japan held rates at 1 percent on an 8 to 1 vote, a decision that firmed the dollar and pressured the metal; even so, gold is on track for a July gain of about 1.8 percent, its first monthly rise in five months. WTI crude slid to about $82.21, down roughly 1.65 percent, extending its retreat toward the low $80s as the Middle East risk premium continued to unwind. The firmer dollar and softer commodities are the macro counterweight to the equity optimism, a reminder that the rate story cuts across every asset class this week.

Key Takeaways: Commodities
  • Gold ~$4,077 (-0.5%) as the BoJ held at 1% and the dollar firmed
  • Gold is still set for July's first monthly gain in five months (~+1.8%)
  • WTI ~$82.21 (-1.65%), sliding toward the low $80s
  • A firmer dollar is the macro counterweight to equity optimism

Crypto and What to Watch

Digital assets held firm alongside the rebound. Bitcoin trades near $64,315, up about 1.3 percent and steady in the low $64,000s, extending the resilience it showed through the Fed rout, while Ether sits near $1,887, up about 0.4 percent but still lagging. Live levels and ETF-flow data sit on the ThriveInMarkets homepage. Three things frame Friday, none a prediction or an instruction to trade. First, the full reaction to Amazon and Apple at the US open will show whether the cloud-momentum trade can offset Apple's China drag. Second, the Employment Cost Index will test whether the cooler-inflation narrative survives contact with wage data. Third, month-end flows may distort the tape regardless of the news. Follow the play-by-play on Market Insights.

Key Takeaways: Crypto and the Day Ahead
  • Bitcoin ~$64,315 (+1.3%) firm in the low $64Ks; Ether ~$1,887 (+0.4%)
  • Watch the US-open reaction to Amazon and Apple
  • The Employment Cost Index tests the cooler-inflation narrative
  • Month-end flows may distort the tape into the close

ThriveInMarkets publishes market commentary for general information only and does not provide personal investment advice. Equity figures are Thursday, July 30 cash-session closes with S&P futures noted as overnight; crypto, gold and oil figures are live prints as of 08:00 UTC Friday, July 31. After-hours earnings reactions were still developing at publication. Dates and times are scheduled events subject to change. Levels and scenarios cited are technical reference points, not instructions to buy or sell any asset.