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July 31, 2026 at 12:07pm ET
Stock Market Today: Apple Stock Drops 9%, Dragging on Tech
Amazon's big surge keeps indexes near flat
A 9% selloff in Apple stock is weighing down a broader tech rally after the iPhone maker's latest forecasts disappointed investors.
Apple was recently down about $373 billion in market capitalization, on pace for its largest one-day market cap decline on record and the third-largest of any U.S. company. The decline if it holds will be Apple's biggest since 2020.
The Nasdaq composite is up slightly, with Apple's decline offset by Amazon's 14% rise following its report of accelerating cloud-computing sales. That move put the cloud provider and retailer on pace for its largest market-cap gain ever.
Showing the sharp moves being driven by the two giants, the S&P 500's tech sector, which contains Apple, is down 1.5% today, while Amazon's sector, consumer discretionary, is surging more than 5%. (The tech sector's 14% gain for the year is still way in front of consumer stocks and broader benchmarks.)
Friday's moves come at the end of a turbulent week in which AI concerns, the Iran war, the Federal Reserve and losses at a highflying AI-focused hedge fund whipsawed markets.
Treasury yields are extending recent gains after two Federal Reserve officials explained why they cast dissenting votes in favor of raising interest rate this week. The yield on the 10-year U.S. Treasury note reached 4.737% in recent trading, according to Tradeweb, its highest intraday level since January 2025.
Premarket trading Friday began with relief after AI-focused investment firm Situational Awareness finished selling the bulk of its holdings, some investors said.
In South Korea, the Kospi index jumped 18%. The volatile benchmark had plunged in recent weeks after rapid gains earlier this year fueled by a frenzy in AI-related stocks.
Read Original at WSJ →