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S&P 500 turns more sensitive to macro risks after Big Tech swings
The index’s July performance masked sharp moves in the “Magnificent Seven,” including Amazon shares jumping 15% after AWS operating profit rose 39%.
Action Forex reports the S&P 500 closed July with a modest gain, but volatility was building under the surface as investors shifted attention from Big Tech results to broader macro risks.
The outlet says the biggest swings began midway through the corporate earnings season, when results from the “Magnificent Seven” drove large stock moves. It notes Microsoft recorded the largest increase in market capitalization in stock market history, Amazon shares jumped 15%, while Apple and Meta Platforms had their worst selloffs since April 2025.
Action Forex links the divergence in performance to fundamentals and sector spillovers. It points to a 39% rise in operating profit at Amazon Web Services that helped lift shares across the consumer discretionary sector, while the technology sector ended July weaker as Apple reported component shortages affecting its products.
The piece adds that the index is losing its “safety net” as it pays closer attention to macroeconomic drivers. It cites the S&P 500’s dip after the July FOMC outcome as the number of Fed officials favoring tighter policy increased, and flags potential catalysts including developments in the Middle East and the release of US July employment data, which could raise volatility.
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