CNBC Business News Update - Market Close: Stocks Rally, Apple Falls After Hours, Amazon Blowout Results · 7/30/26

Episode Date: July 30, 2026

CNBC Business News Update with Jessica Ettinger - Markets & Business News With Expert Analysis From Top Business Names. Visit CNBC.com For More. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger, CNBC. Wall Street opens Friday morning after a rally for the major averages on pace for a winning week. Still a losing July, though. Investors shrugged off in escalating U.S. war with Iran and a closed strait of Hormuz, but U.S. crude oil with a slight pullback Thursday to just under $84 a barrel. Investors also shrugged off slowing U.S. economic growth and PCE inflation at 3.7 percent for June well above the Fed's tariff. of just 2%. The markets, the Dow was up 613 points Thursday, more than 1%. Microsoft shares led the Dow higher. They were up 15 and a half percent. It's best day since 2008. The S&P 500 index up 121. That was 1.5%. The NASDAQ stored 679 points. That was 2 and 3 quarters percent. Chipmakers mostly higher micron up 18 percent.

Qualcomm, the only big name in the red, down 2%. A reset this market is undergone, which is perfectly met. So the market did broaden in the sense of the majority of stocks were able to absorb this gut check in semis and everything else. You know, maybe we went from overbelief to disbelief in the course of one month. There obviously was some portfolio stress that created a bit of a flush on some level. We don't know how much is left to go. I will point out, it's a very narrow gain today.

So it's the reverse of what's been going on, all more. That's CNBC's Mike Santoli. Two big, magnificent seven companies with after the closing bell results, Amazon, its shares soared after hours on booming cloud growth up 37%. High Towers Stephanie Link owns Amazon. She's optimistic. She spoke on CNBC. They've done a good job at cutting costs where they can. The custom chips that they're producing to third parties, that could be a hundred billion dollar opportunity for the company along with their ad business. Apple shares were lower on first reaction to results after hours Thursday. A solid quarter but not gangbusters. It's Tim Cook's final quarter as CEO. Here's Wed Bush's Dan Ives on CNBC. His historical movement is Cook hands the

baton to turn us, you know, in terms of his legacy, Matt Rushmore of CEOs in terms of what he's done. This has been a surprise iPhone upgrade cycle. And I think that will continue to play out, especially in China, They got caught up in the crossfire between the U.S. and China. And that's why it comes down to cook, 10% politician, 90% CEO. Jersey Mike's subs issued stock to the public for the first time with its debut on Wall Street. It fell down 6%. A travel name struggled. In fact, all of them did.

High oil prices, inflation-weary consumers. But look at Norwegian Cruise Line. Here's CNBC's Contessa Brewer. Oh, Norwegian Cruise Line here, the standout and not in a good way. It is down pretty significantly about 8% after reporting earnings that beat expectations, but lowered its full year outlook. They've already cut costs. They've improved efficiencies.

They're soft launching a private island next week. But CEO John Chidze says it's slow going, and it could well be 2027 before these turnaround efforts bear fruit. His competitors also down on the day. They've blamed the Mitty's conflict in part for the challenges. On Friday's watch list, earnings are coming from oil names ExxonMobil, Chevron, and Dominion, Plus, in the drug space, Moderna and AbVee will report. We get the latest on consumer sentiment and Sony Pictures Marvel's Spider-Man Brand New Day in theaters.

Jessica Eddinger, CNBC.