After a morning of choppy trading, the Dow (DIA), S&P 500 (SPY), and Nasdaq (QQQ) all notched daily and weekly gains, with the Dow snapping its three-week losing streak. The blue-chip index also eked out a gain for July, extending its monthly winning streak to four, while the S&P 500 and Nasdaq finished the month in the red.
Stubbornly high Treasury yields remained in focus, while semiconductor stocks continued to rebound. Amazon.com's (AMZN) earnings helped lift the broader market, while sector peer Apple (AAPL) tumbled after weaker-than-expected services revenue overshadowed strong iPhone sales. Looking ahead, earnings season remains in full swing next week, alongside a slate of closely watched employment data.
Oil Prices Up Over 20% in July
Oil prices rose after Iran said it attacked two tankers in the Strait of Hormuz. September-dated West Texas Intermediate (WTI) crude added 1.3% to settle at $84.67 per barrel. For the week, black gold lost 6%, still marking a large monthly gain of 23%.
Gold prices slipped amid U.S. dollar strength, with August-dated gold futures falling 1.2% to $4,049.10 per ounce, though landing higher on the week. For the month, gold futures added 0.7%, the first monthly gain since February.
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