Amazon surges 15%, Apple drops 8% as big tech earnings diverge
As seen on the 24/7 Wall St. homepage on July 31, 2026.
Amazon exploded 15% at the close as big tech earnings season hits its inflection point, but Apple tumbled 8% signaling investor caution on how the mega-cap rally will sustain.
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Amazon (AMZN) was the standout mover of the session, climbing 15.25% to close at $271.41 — a dramatic single-day gain that underscores how much riding on earnings results can separate winners from losers in the mega-cap space. Google also had a strong showing, with both GOOG and GOOGL shares rising roughly 6.7%, closing at $356.02 and $355.78 respectively, reinforcing the sense that cloud and advertising-driven businesses are rewarding investors this earnings season.
On the losing side, Apple fell 8.4% to $305.42, a sharp reversal that signals investor unease about whether the broader mega-cap rally has legs beyond the names that beat expectations. Novo Nordisk was the session's steepest percentage decliner, off 9.33% to $46.80, while electric vehicle names Lucid and Rivian also slid, losing 9.3% and 7.87% to close at $7.37 and $15.51 respectively.
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Coherent and Applied Optoelectronics rounded out the gainers, each adding roughly 6.6% to close at $265.69 and $96.02. The day's wide spread between winners and losers reflects a market in the middle of a high-stakes earnings stretch, where company-specific results — rather than broad macro sentiment — are doing most of the heavy lifting on price.