Saturday’s Overnight Microsoft and Amazon Add More Than $1 Trillion in July Market Value; Warsh Reportedly Weighs Fewer Fed Meetings
U.S. stocks rose across the board. The Nasdaq gained 1%, bringing its weekly advance to 1.59%, but it fell 3.2% in July. The S&P 500 rose 0.7%, gained 1.05% for the week and declined 0.13% for the month. The Dow Jones Industrial Average rose 0.53%, gained 1.04% for the week and advanced 0.32% in July, marking its fourth consecutive monthly gain. Apple fell more than 7%, its biggest one-day decline since April 2025. Amazon jumped more than 15%, its largest one-day gain since 2012, and rose about 14% in July. Microsoft gained more than 3% and rose more than 24% for the month. Nvidia climbed nearly 3% to a market capitalization of $4.86 trillion, reclaiming the title of the world’s most valuable stock. Microsoft and Amazon together added more than $1 trillion in market value in July. The Wall Street Journal reportedly said Federal Reserve Chair Warsh is considering reducing the frequency of the Fed’s policy meetings. U.S. officials said President Donald Trump had ordered a new round of strikes against Iran to force Tehran to surrender. The action could begin as early as this weekend and continue for several days. International crude-oil futures settled more than 1% higher. September WTI crude futures rose 1.29% to settle, fell 5.2% for the week and gained 21.83% in July on a continuous-contract basis. September Brent crude futures rose 1.22% to settle, fell 6.88% for the week and gained 23.59% in July on a continuous-contract basis. Fed Governor Logan said U.S. inflation could remain elevated without policy restraint and that taking measured action in the short term could avoid more aggressive steps later. Fed Governor Kashkari said he favored gradually tightening policy. Fed Governor Hammack said the current policy stance was not restrictive enough and that she did not believe inflation would reach 2% on its own. Fed Governor Barkin said whether interest rates were high enough was “hard to say” and that the Fed’s real question was whether it needed to add more restrictive measures. Iran’s Strait of Hormuz Management Authority announced that passage through the Strait of Hormuz had been suspended. U.S. Central Command said the report was false, that the strait remained open to commercial shipping and that Iran did not control it. Israeli National Security Minister Itamar Ben-Gvir said on the 31st that the latest Gaza cease-fire roadmap released that day by the “Gaza Peace Council” was unacceptable to Israel. The Houthis said they would continue blocking Saudi vessels, forcing eight oil tankers to divert. Trump said the United States had not agreed to have Ukraine produce interceptors for the Patriot air-defense system. The New York Fed reportedly asked U.S. banks to monitor the euro-yen exchange rate. A FIFA document showed that the organization was studying an expansion of the World Cup field from 48 to 64 teams, potentially beginning with the 2030 tournament. The European Union will begin enforcing provisions of the Artificial Intelligence Act on Aug. 2, including new AI-transparency requirements. NXP Semiconductors was reportedly in talks to acquire Ambarella, a company valued at $3.3 billion that designs camera chips for autonomous vehicles. OpenAI said its models now reach more than 1 billion active users. COMEX gold futures fell 1.41% to $4,107.20 an ounce, but gained 1.26% for the week and 2.1% in July. COMEX silver futures fell 2.27% to $57.97 an ounce, declined nearly 1% for the week and fell 1.82% in July.
Apple fell more than 7%, its biggest one-day decline since April 2025. Amazon jumped more than 15%, its largest one-day gain since 2012, and rose about 14% in July. Microsoft gained more than 3% and rose more than 24% for the month. Nvidia climbed nearly 3% to a market capitalization of $4.86 trillion, reclaiming the title of the world’s most valuable stock. Microsoft and Amazon together added more than $1 trillion in market value in July.
The Wall Street Journal reportedly said Federal Reserve Chair Warsh is considering reducing the frequency of the Fed’s policy meetings.
U.S. officials said President Donald Trump had ordered a new round of strikes against Iran to force Tehran to surrender. The action could begin as early as this weekend and continue for several days.
International crude-oil futures settled more than 1% higher. September WTI crude futures rose 1.29% to settle, fell 5.2% for the week and gained 21.83% in July on a continuous-contract basis. September Brent crude futures rose 1.22% to settle, fell 6.88% for the week and gained 23.59% in July on a continuous-contract basis.
Fed Governor Logan said U.S. inflation could remain elevated without policy restraint and that taking measured action in the short term could avoid more aggressive steps later. Fed Governor Kashkari said he favored gradually tightening policy. Fed Governor Hammack said the current policy stance was not restrictive enough and that she did not believe inflation would reach 2% on its own. Fed Governor Barkin said whether interest rates were high enough was “hard to say” and that the Fed’s real question was whether it needed to add more restrictive measures.
Iran’s Strait of Hormuz Management Authority announced that passage through the Strait of Hormuz had been suspended. U.S. Central Command said the report was false, that the strait remained open to commercial shipping and that Iran did not control it.
Israeli National Security Minister Itamar Ben-Gvir said on the 31st that the latest Gaza cease-fire roadmap released that day by the “Gaza Peace Council” was unacceptable to Israel.
The Houthis said they would continue blocking Saudi vessels, forcing eight oil tankers to divert.
Trump said the United States had not agreed to have Ukraine produce interceptors for the Patriot air-defense system.
The New York Fed reportedly asked U.S. banks to monitor the euro-yen exchange rate.
A FIFA document showed that the organization was studying an expansion of the World Cup field from 48 to 64 teams, potentially beginning with the 2030 tournament.
The European Union will begin enforcing provisions of the Artificial Intelligence Act on Aug. 2, including new AI-transparency requirements.
NXP Semiconductors was reportedly in talks to acquire Ambarella, a company valued at $3.3 billion that designs camera chips for autonomous vehicles.
OpenAI said its models now reach more than 1 billion active users.
COMEX gold futures fell 1.41% to $4,107.20 an ounce, but gained 1.26% for the week and 2.1% in July. COMEX silver futures fell 2.27% to $57.97 an ounce, declined nearly 1% for the week and fell 1.82% in July.