CNBC Business News Update - Market Midday: Stocks Higher, Apple Down 9%, Amazon Soars 14% • 7/31/26

Episode Date: July 31, 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 and the Green on this final trading day of July. Tech stocks leading the market rebound this afternoon after Wednesday's plunge. The Dow is the only major average in the green for the month so far. The Dow's up 189 points, 3 tenths of a percent. Amazon shares up 14 percent leading that Dow higher. Apple is the worst performer in the Dow. this afternoon, down 9.5%. The S&P 500 index is up 19. The NASDAQ up 80 points this afternoon. Chipmaker shares are mixed. Hired today on the S&P 5Fread of did go negative. Now we're rebuilding a

little bit. Modest moves, 7450-ish on the Dow Jones Industrial. Small caps continue to underperform. It's a bit of a mega-cap-led day to the upside. Amazon in particular surging. CNBC's Mike Santoli now shares of Apple and Amazon. Amazon are diverging, as we noted. Apple shares tanking, Amazon soaring. Investors are picking AI winners after earnings. Amazon surging even after raising its spending outlook, while Apple shares down more than 9%.

The quarter itself was mostly better than expected. Revenue in EPSB with substantial growth in both iPhone and Mac, but Apple guided current quarter growth below the street. And Tim Cook's final earnings call as CEO did little to answer whether this is simply revenue delayed by supply constraints, or the beginning of a lower margin, lower multiple chapter for the company. CNBC's McKenzie Seagalos. Here's a take on Amazon now.

From CNBC's David Faber and Mad Money host Jim Kramer. Something that Andy Jassy did, CEO of Amazon, which made people very much at ease. He actually talked about a line of sight, not the profitability, but great profitability, how big it will be, and I felt great after I listened to it. Right. AWS is now a 169 billion annualized run rates business. It had its fastest growth in 18 quarters and the fifth consecutive quarter of accelerating. That's just amazing for a huge business.

Meantime, Amazon did get $600 million in Trump tariff refunds. The company says it will pass along some of that to some of its customers. Consumer sentiment came in a touch better for July, while Americans are expecting inflation above 4%. Headline number mid-month was 54.4. This comes in at 55.2. Now let's go to the inflation numbers embedded in University of Michigan. The one-year inflation indicator, 4.2. Mid-month Reed remains exactly the same. Pretty much sideways moves on inflation. Rates are elevated. Look at crude oil again to the upside. CNBC's Rick Santelli Oil is higher today, although just below $85 a barrel this afternoon.

AAA says the national average for a gallon of regular holding at about $4.10. Bond yields have been volatile mortgage rates, too, would be home buyers heading into the first weekend of August. Looking for a house. They're facing an average rate on a 30-year fixed home loan at a one-year high of 6.77 percent, according to Mortgage News Daily. You can get details on these stories and a lot more at CNBC.com. Jessica Eddinger, CNBC.