Stocks climbed again on Friday, rebounding further after Amazon's strong results buoyed the market on the last day of July.
The S&P 500 climbed 0.70%, while the tech-heavy Nasdaq Composite overperformed, gaining 1%. The Dow Jones Industrial Average increased 0.53%.
Amazon stocks soared more than 15% and Apple's plunged after their reporting different situations at their respective results on Thursday. The former issued weak guidance for the third quarter, while the latter's cloud computing business saw the strongest expansion since 2021.
Apple's stock fell 7% after citing "supply constraints" even though its earnings, revenue and iPhone sales were above market expectations. The company noted that revenue growth will stand between 9% and 11%, below analysts' expectations that it would stand at 12%.
In the geopolitical front, President Donald Trump said he is "losing faith" in Iran as the possibility of reaching a deal fades amid continued clashes between the countries.
Speaking during a Cabinet meeting on Friday, Trump said Tehran officials "do lie and do misrepresent."
"We'll be hitting them very hard," Trump added after Iranian forces claimed they had targeted U.S. bases in Kuwait and Bahrain in retaliation for the latest wave of strikes from Washington.
Oil prices climbed during the session. Brent crude, the international benchmark, climbed more than 1.5% and stood above $88 a barrel at 4:03 p.m. ET, while West Texas Intermediate, the U.S. benchmark, gained 1.36% and stood below $85 a barrel at the same time.
Another report detailed that the economic consequences of the U.S.'s expanded military campaign against Iran are becoming increasingly visible in the country, with widespread power outages, water shortages and disruptions to transportation and trade pushing the country deeper into crisis.
According to a report from The Washington Post, despite thousands of U.S. and Israeli airstrikes and a prolonged U.S. naval blockade, many Iranians experienced relatively limited day-to-day economic disruption for months.
That has changed in recent weeks after the Trump administration widened its list of military targets beyond conventional defense sites to include infrastructure considered vital to the country's economy. The result has been growing shortages of electricity, fuel and water, along with mounting challenges for businesses that rely on functioning transportation and utility networks.
Analysts told The Washington Post that damaged infrastructure is slowing the movement of goods, increasing shipping costs and reducing factory and agricultural output, adding another layer of pressure to an economy already struggling under years of international sanctions.
