Nasdaq Climbs as Amazon Post-Earnings Surge Offsets Apple's 8% Decline in Divergent Tech Session

US markets closed with Nasdaq in positive territory as Amazon's post-earnings surge more than offset Apple's steep decline, creating one of the sharpest intra-sector divergences among mega-cap technology stocks this earnings season.

• Amazon shares rose sharply on Q2 earnings beat, with AWS cloud growth momentum driving Nasdaq into positive territory for the session
• Apple declined approximately 8% on softer iPhone revenue and guidance that missed analyst estimates, dragging on Dow Jones components
• Market breadth remained positive as chip stocks joined the advance alongside Amazon, reflecting AI infrastructure spending confidence

The Nasdaq composite closed positive as Amazon's Q2 results—which highlighted AWS cloud revenue growth reaccelerating after a period of slowdown—sent shares surging. The company's results eased investor anxiety about whether AI infrastructure spending is translating into durable revenue, validating a core investment thesis for technology sector bulls entering the second half of 2026.

Apple's roughly 8% decline provided a stark counterpoint, as the iPhone maker reported revenue and guidance that fell below analyst consensus. The divergence between two of the largest technology stocks by market capitalization underscored how earnings season in 2026 is no longer a uniform tailwind or headwind for the tech sector—individual execution quality on AI strategy now matters more than macro positioning.

The net effect on Nasdaq reflects the index's current composition dynamics, where Amazon's weighting provides enough upside pull to more than offset Apple's drag. Chip stocks—benefiting from the AI-positive read-through of AWS's strong numbers—also contributed to the index's positive breadth, keeping the session constructive despite pronounced single-stock volatility in two marquee names.

Source: Economic Times Markets | 1 source