Thursday, July 30, 2026

Wall Street rallied aggressively on Thursday, driven by blowout tech earnings and a cooling macroeconomic backdrop that sent the VIX plunging -17.28% to 17.09. The tech-heavy Nasdaq soared +2.78% to 25,122.178, while the S&P 500 climbed +1.66% to 7,437.63, the Dow added +1.19% to 52,208.06, and the Russell 2000 gained +1.37% to 2,946.101. A softer Q2 GDP print of 1.5% and a tame 0.1% June Core PCE rise supported Fed Chair Kevin Warsh's less-hawkish tone following Wednesday's decision to hold rates at 3.50%-3.75%, lifting Gold +1.68% to 4,166 while WTI Crude slipped -0.32% to 84.19.

Sectors in focus:

• AI and Infrastructure surge: A massive +17% post-earnings pop from Microsoft—fueled by 43% Azure growth—and record revenue from Lam Research ignited tech and infrastructure. Electrical Industrial Apparatus (+14.67%), Computer Storage Devices (+12.32%), and Semiconductors & Related Devices (+9.81%) all skyrocketed. Power and construction names also caught a bid, with Water, Sewer, Pipeline, Comm & Power Line Construction jumping +14.46%.
• Consumer, Transport, and Services lag: Despite the broader rally, signs of a slowing economy weighed on economically sensitive areas. Retail-Auto Dealers & Gasoline Stations dropped -4.46%, while Trucking (No Local) fell -3.77%. Insurance and services groups also struggled, with Insurance Agents, Brokers & Service down -3.80% and Services-Educational Services losing -4.28%.

On the radar:

• July 30: Amazon (AMZN) and Apple (AAPL) report earnings after the bell, putting the next leg of the tech rally to the test.
• July 31: Monthly Bitcoin and Ether options expiry on Deribit.
• August 07: July Nonfarm Payrolls (Jobs Report), providing further clarity on the cooling economy.
• August 12: July Consumer Price Index (CPI) inflation print.