⚠️US stocks finished higher this week to close out a turbulent month. This comes as Amazon, $AMZN, surged +15% on Friday after AWS revenue grew +37% YoY, its fastest pace since 2021, despite the company raising its 2026 CapEx forecast. By contrast, Apple, $AAPL, fell -7% on Friday, its worst daily performance since April 2025, after issuing disappointing guidance tied to component shortages. Meanwhile, the market showed a clear divergence beneath the surface, with the equal-weight S&P 500 hitting a record high even as the Momentum factor, which includes many high-growth technology and semiconductor stocks, posted its worst month since May 2009, down -25% in July. Notably, hyperscalers posted their strongest weekly outperformance versus the Nasdaq 100 on record this week, despite surging credit default swap spreads (CDS). At the same time, the US Dollar posted its worst week in over 3 months, down -1.3%, on concerns the Fed won't move aggressively enough to contain inflation. Lastly, Gold finished the week slightly higher while Silver and Bitcoin underperformed. Performance this WEEK: S&P 500 +1.0% Nasdaq +1.6% Russell 2000 +0.1% Dow Jones +1.0% US 10-year Treasury yield +7 bps Bitcoin -2.1% Bank Index -0.7% VIX -6% front mth VIX futures -4% US Dollar Index -1.5% Gold +0.9% Silver -1.6% WTI Crude Oil -0.6%