Stock Market on July 30, 2026: Dow jumps more than 600 points, S&P 500 and Nasdaq close sharply higher as chip and memory stocks surge while investors digest Microsoft earnings; Investors weigh latest inflation data against Fed's stance on rates; Amazon

The S&P 500 closed sharply higher Thursday, led by a surge in technology stocks after Microsoft posted quarterly earnings. The Dow jumped more than 600 points. Microsoft shares rallied following its latest results, though specific figures were not disclosed in the initial report. The Nasdaq also posted sharp gains as chip and memory stocks climbed.

Amazon and Apple were scheduled to report earnings after the close, setting up potential catalysts for Friday's session. The tech-heavy rally came as investors weighed recent inflation data against the Federal Reserve's rate stance, though the market clearly favored growth names despite the macro backdrop.

The S&P 500's technology sector drove the broader index higher, with semiconductor and memory chip manufacturers posting outsized gains. The combination of Microsoft's results and anticipation around Amazon and Apple earnings fueled buying across the megacap complex.