| 📊 Alain’s Holdings — July 31, 2026 | ||||
|---|---|---|---|---|
| Symbol | Name | Price | Change | Change % |
| VOO | Vanguard S&P 500 ETF | 686.65 | +4.86 | +0.71% |
| QQQ | Invesco QQQ Trust | 687.99 | +4.44 | +0.65% |
| XIU.TO | iShares S&P/TSX 60 ETF | 52.76 | -0.38 | -0.72% |
Wall Street closed out a volatile July on a positive note as investors embraced another round of strong Big Tech earnings, even as Treasury yields climbed to their highest level in more than a year.
Market Performance
- 📈 Nasdaq Composite: +1.0%
- 📈 S&P 500: +0.7%
- 📈 Dow Jones Industrial Average: +0.5%
All three major indexes finished higher for the week, while the Dow also posted a 0.7% gain for the month of July, capping a month defined by AI enthusiasm, rising bond yields, and geopolitical uncertainty.
Big Tech Keeps Betting on AI
The week’s earnings reinforced one clear message:
The AI investment boom is far from over.
The four largest cloud providers—Microsoft, Amazon, Alphabet, and Meta—now expect to spend a combined US$720–745 billion on capital projects in 2026.
Those staggering investment plans reassured investors that demand for AI infrastructure remains exceptionally strong despite recent concerns over profitability.
While Wall Street has become more selective, today’s market showed investors still believe AI will remain the dominant long-term growth story.
Amazon Shines, Apple Disappoints
Earnings produced very different outcomes among the technology giants.
Amazon surged 15% after beating expectations and reporting continued strength in its cloud and AI-related businesses.
Apple fell 7% after disappointing investors with weaker-than-expected Services revenue and softer sales in China.
The contrast highlighted an increasingly important trend:
Markets are rewarding companies that can demonstrate immediate financial benefits from AI while becoming less patient with companies facing slower growth.
Bond Yields Continue to Rise
Not everything was positive.
The 10-year Treasury yield climbed to 4.73%, its highest level since January 2025, as investors continued digesting this week’s Federal Reserve meeting.
Higher bond yields typically create headwinds for growth stocks by increasing borrowing costs and reducing the present value of future earnings.
Despite that challenge, technology stocks managed to finish the week higher—a sign of renewed investor confidence following Microsoft’s blockbuster earnings earlier in the week.
Oil and Consumer Sentiment
Oil prices moved higher again as tensions around the Strait of Hormuz resurfaced.
Brent crude approached US$90 per barrel, while West Texas Intermediate traded near US$85.
Encouragingly, consumer confidence improved.
The latest University of Michigan survey showed Americans feeling more optimistic about the economy despite elevated gasoline prices and ongoing geopolitical uncertainty.
The Bottom Line
July reminded investors that markets can change direction quickly.
The month included:
- Sharp corrections in AI stocks.
- A divided Federal Reserve.
- Rising Treasury yields.
- Middle East tensions.
- Record-breaking technology earnings.
Yet despite those challenges, the market finished the month on an optimistic note.
Investors appear increasingly willing to support companies making massive AI investments—but only when those investments produce measurable revenue growth and stronger cash flow.
That distinction is likely to define the next stage of this bull market.
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