Market Close: Stocks Rally, Apple Falls After Hours, Amazon Blowout Results · 7/30/26

Summary

US stocks rallied on Thursday, with the Dow up over 600 points and Microsoft recording its best session since 2008. Despite a losing July, major averages were on track for a winning week. After the close, Amazon surged on strong cloud growth while Apple dipped on mixed results. Investors shrugged off U.S.-Iran tensions, a closed Strait of Hormuz, slowing growth, and above-target PCE inflation. Norwegian Cruise Line fell sharply on a lowered outlook, and chip stocks were mostly higher.

• Dow up 613 points, Microsoft +15.5% (best day since 2008), S&P +1.5%, Nasdaq +2.75%.
• Chip makers mostly higher: Micron +18%, Qualcomm -2%.
• After-hours: Amazon soared on 37% cloud growth; Apple fell after a solid but not blowout quarter.
• Tim Cook's final quarter as CEO; Dan Ives (Wedbush) sees a continued iPhone upgrade cycle especially in China.
• Stephanie Link (HighTower) bullish on Amazon: custom chips third-party opportunity worth $100B, plus ad business.
• Norwegian Cruise Line dropped ~8% after cutting full-year outlook; turnaround efforts may take until 2027.
• Oil eased to under $84/barrel; markets looked past Iran and Strait of Hormuz closure.
• Upcoming: earnings from Exxon, Chevron, Dominion Energy, and drug names; consumer sentiment data.