Y'all Street Daily
Memory names led by Micron and a strong AWS quarter from Amazon powered a broad rally, while Meta slid on its own results.
Market Snapshot
Risk was firmly back on: the Nasdaq jumped 2.78%, the S&P 500 added 1.66%, and the Dow rose 1.19%, with the VIX easing to around 16.74.
Gold and silver both slipped as the war premium bled out of the market and money rotated into equities.
The dollar held firm around 100.22, while oil steadied near 84 on WTI.
Micron ripped around 18% as the memory complex caught fire, and Amazon rose about 4% on AWS strength.
Meta bucked the tape, falling nearly 8% after its own quarterly print landed soft.
Main Story
The rally was narrow in its source but wide in its reach.
Memory and cloud earnings did the heavy lifting, with Micron up around 18%, Microsoft up around 16%, SanDisk up around 26%, and Amazon up around 4% on AWS, dragging the Nasdaq up 2.78%.
The mainstream read is that reaccelerating cloud growth and firmer memory pricing reassured investors the AI capex cycle still has room to run.
What the tape may be masking is dispersion: Meta fell nearly 8% and Apple slipped around 1%, so this is a stock-pickers' AI trade rather than a rising tide, and breadth is the thing to watch next.
Chart of the Day
The S&P 500 closed around 7,438, up 1.66%, clawing back above its 50-day near 7,427.
The 200-day around 7,466 is the line that still caps the tape.
Until price clears it, this reads like a recovery inside a range rather than a fresh breakout.
Technical Trading
The S&P sits mid-range after the bounce, with mixed signals underneath.
RSI(14) is around 54, neutral, with room to move in either direction.
MACD remains negative at around -1.39, so momentum has not fully turned.
Price around 7,438 is back above the 50-day at 7,427 but below the 200-day at 7,466, the level bulls still need to reclaim.
Global News
Memory and cloud earnings from Micron, Microsoft, SanDisk, and Amazon drove the Nasdaq up 2.78%, the clearest sign yet that the AI capex cycle is still intact.
Oil held firm, WTI around 84 and Brent near 90, as recovering Strait of Hormuz traffic tempered the Iran war risk premium.
Exxon and Chevron posted surging quarterly profits on the higher oil prices tied to the Iran conflict.
Bank of Japan held rates steady and the yen weakened further, with Goldman Sachs now eyeing 165 per dollar.
Trump said a Hamas disarmament deal had been reached, though the group said Israel must first meet its conditions.
Texas News
Exxon Mobil, headquartered in Spring, posted a sharp jump in quarterly profit as the oil move tied to the Iran conflict widened its margins.
Chevron, with major Texas operations, echoed the same beat.
Looking Ahead
Friday, July 31: Fresh US economic data is on deck, the first read on whether the Fed's steady-rate stance still fits the backdrop.
Monday, August 3: A new week tests whether the memory-and-cloud surge has follow-through or fades like earlier AI pops.
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Prices from Yahoo Finance and CNBC. Technical levels from Investing.com. News from CNBC and Investing.com.
For informational purposes only. Not investment advice. Prices are indicative opening levels and may differ from your broker.