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Last updated: July 30, 2026, 8:30 PM ET

Microsoft Drives Tech Rally, AI Spending Surges

Microsoft surged by the most in U.S. stock market history, adding $450 billion in market value and propelling the Nasdaq up over 2%. The software giant's robust earnings report restored momentum to the artificial intelligence boom, with megacap tech shares reviving confidence in the AI trade. Amazon increased AI to $220 billion this year, a significant jump from its previous expectation of $200 billion in 2026, as capital expenditures soared 69 percent. Concerns over the tech industry's mounting AI spending, however, are also growing, with some investors seeing a potential AI bubble. forecasts slower as its AI build-out strains tech supply chains, and the company raised prices on several products due to component shortages. Meanwhile, Google is backing an Anthropic data center project, with banks in talks to lend $15 billion for its construction risks spread across asset classes.

Commodities React to Geopolitical Tensions and Supply Concerns

Oil futures following attacks in the Black Sea, and prices were on track for the biggest monthly gain since March as the U.S.-Iran war escalated. Despite some pullback, oil prices remained volatile as the Middle East veered toward wider conflict. Saudi Arabia announced a maritime defense coalition with fourteen countries, including Pakistan and Turkey, to protect shipping and energy supplies amidst Houthi attacks threatening the Red Sea route. US refiners have posted record profits by running refineries at full tilt to meet global fuel demand, a situation exacerbated by attacks on Russian refineries and tighter supplies. U.S. natural gas futures from storage data, while base metals like copper, aluminum, and zinc advanced after the Federal Reserve left interest rates unchanged, easing demand concerns.

Yen Surges as Japanese Authorities Intervene to Support Currency

The yen soared by the most in over two years against the dollar after Japanese authorities intervened in the market for a second time to support the nation's weakening currency ahead of the Bank of Japan's policy decision. The dollar also weakened 2.3% against the yen, though official confirmation of intervention remained unconfirmed. The weak yen, however, is offering Toyota an earnings respite from tariffs and war, with exporters set to benefit from the currency's slide.

Global Automakers Navigate Shifting Demand and EV Landscape

Nio Inc. has become the hottest Chinese carmaker this year, with its fully electric SUV racing up sales charts and providing a much-needed financial boost. Rivian sales, and the startup automaker narrowed its losses, expecting to sell more vehicles this year than previously projected. BMW's profit from carmaking was slightly better than expected due to cost cuts and strong demand for new models.

Crypto Market Faces Headwinds as Coinbase Swings to Loss

Coinbase swung to a loss on a weak crypto market, reporting a 19% drop in revenue to $1.22 billion and missing analyst estimates. The cryptocurrency exchange in revenue, highlighting the pressure on even diversified exchanges from a cooling crypto market. Strategy Inc. also reported a loss of $8.22 billion from a profit the prior year, as Bitcoin prices declined, and the company following an overhaul of its financing model.

Private Equity and Credit Markets Show Resilience Amid Turbulence

Investment giants are in the private credit industry, with KKR selling private-equity investments to boost profits and Blue Owl reporting that investor withdrawals had bottomed out. KKR recorded best-ever despite a slump in the private-equity sector, while Blue Owl's real assets segment eclipsed credit in fundraising during the second quarter. Fitch Ratings reported that the private credit default rate for U.S. private debt borrowers.

China's Economy Signals Cautious Support Amid Stumbles

China's ruling Politburo called for "more proactive" tax and spending policies to address its stumbling economy but to combat weak consumer spending. Chinese stocks, meanwhile in a decade.

Other Notable Market and Economic Developments

The London housing market continues to show a downturn, with Foxtons Group Plc seeing a 13% drop in sales fees. Lloyds is targeting £2 billion in cost cuts as part of a new four-year strategy. In the U.S., Weyerhaeuser's profit rose due to increased lumber and western log prices, with the CEO despite macroeconomic uncertainty. The UK's Financial Conduct Authority plans to starting Friday to increase transparency.