equities

SPY's Friday Reversal: Earnings Bury the FOMC Hangover

Published July 31, 20262 min read

Close-up of a server rack showing numerous colorful network cables plugged into ports with blinking indicator lights. — The tech sector’s strong performance, driven by big names like Amazon and Microsoft, buoyed the market. Illustration: MarketIntelLabs

SPY, the S&P 500 ETF, closed at $741.69 on Friday, July 31, up 1.68% as blowout earnings from Amazon and Microsoft erased Wednesday’s post-FOMC losses in a single session. The Fed’s hawkish hold turned out to be a one-day story. Earnings are running the show now.

Key Takeaways SPY closed at $741.69 on Friday, July 31, gaining 1.68% and recovering all of Wednesday’s post-FOMC losses in one session. Technology (XLK +5.50%) posted its strongest single-session gain since February 2026, powered by Amazon AWS growing +36.7% YoY and Microsoft Azure accelerating to +43% YoY. 75% of S&P 500 stocks are now above their 200-day moving average, up from 56% at the June 2 peak, per Baird Wealth Management b…

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