Wall Street Gains at the End of July Are Driven by Tech Stocks – US Market Wrap

A rise in some technology heavyweights bolstered equities in the last stretch of a wild July, as robust profits outweighed inflation concerns that have roiled the bond market.
The S&P 500 increased by over 1%. A measure of the Magnificent Seven megacaps rose 3.2% as a spike in Amazon overcame a decline in Apple. The chipmakers’ shares closed slightly changed at the end of their worst month since 2008. Higher oil prices raised Treasury yields, as investors struggled to digest Fed’s Warsh’s remarks this week.
Three Fed officials who opposed Wednesday’s decision to keep interest rates unchanged warned that waiting too long to combat inflation could result in the necessity for even more forceful steps later.
Meanwhile, oil saw its greatest monthly rise since March as traders dealt with simmering global disputes and supply risks from the Persian Gulf to the Black Sea. Trump said he is losing faith in Iranian negotiators, the latest warning that violent confrontations in the Middle East may continue.
The yen rose as expectations persisted that Japanese authorities will enter the market again.