Closing Bell: Tech Earnings Drive Firm Finish to July Amid Yield Pressure and Mixed Mega-Cap Guidance

U.S. equity benchmarks closed generally higher on Friday, capping off a volatile month as corporate earnings reactions outweighed pressure from rising Treasury yields and persistent geopolitical crosscurrents.  

The Nasdaq-100 rose 0.6% to close at 28,274.20, while the S&P 500 ended up 0.70% at 7,489.72. The blue-chip Dow Jones Industrial Average rose 0.53% to finish at 52,485.03, while the small cap Russell 2000 fell 0.50% to 2,931.34, weighed down by higher interest rates across the yield curve. The CBOE Volatility Index (VIX) settled back to 15.99 after briefly topping 20 earlier in the week. 

Investing in large tech underpinned market sentiment, though stock performance diverged based on quarterly guidance.  

Fixed-income markets added a headwind as yields moved higher across the curve. The 2-Year Treasury yield rose 4.60 basis points to 4.275%, while the 10-Year yield added 8.2 basis points to 4.74%.  

On the macroeconomic front, the final University of Michigan Consumer Sentiment Index for July rose to 55.2, up from 49.5 in June and above the preliminary reading of 54.4 reflecting modest broad-based improvements despite ongoing concerns regarding elevated consumer price baselines. 

Three things to watch from Friday’s market: 

Amazon Surges on Strong Q2 and OpenAI Partnership: Amazon (AMZN) jumped more than15% after posting second-quarter revenue of $200.6 billion, beating analyst estimates of about $197 billion on strong North American segment growth, according to Zachs. The rally lifted consumer discretionary equities and helped bolster the broader market tone. 

Apple Drops on Cautionary Outlook while Microsoft Holds Gains: Apple (AAPL) fell after issuing soft forward guidance, citing supply constraints. Conversely, Microsoft (MSFT) held its prior-session gains following strong quarterly results that supported the broader technology sector. 

Small Caps Lag Amid Rate Drag; Energy Diverges: The small-cap Russell 2000 dipped as rising yields weigh on interest-sensitive smaller firms. Elevated crude prices—driven by the U.S.-Iran war supply crunch—supported Big Oil revenue, but Chevron (CVX) edged higher on solid earnings, whereas ExxonMobil (XOM) declined after missing quarterly analyst expectations. 

Economic Events/Data: Monday, August 3rd, 2026 (ET) 

• 09:45 AM | S&P Global Manufacturing PMI, Final (Jul) 
• 10:00 AM | ISM Manufacturing PMI (Jul) 
• 10:00 AM | Construction Spending (MoM) (Jun) 
• 02:00 PM | Senior Loan Officer Opinion Survey on Bank Lending Practices 

Earnings Calendar: Monday, August 3rd, 2026 (ET) 

Premarket 

• Tyson Foods, Inc. (TSN) 
• Marriott International, Inc. (MAR) 
• CNA Financial Corporation (CNA) 
• EchoStar Corporation (ECHO) 

Postmarket 

• Palantir Technologies Inc. (PLTR) 
• ON Semiconductor (ON) 
• Snap Inc. (SNAP) 
• Vertex Pharmaceuticals (VRTX) 
• The Clorox Company (CLX) 
• ONEOK, Inc. (OKE) 
• Diamondback Energy, Inc. (FANG) 
• SBA Communications Corporation (SBAC) 

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