Overview

• Microsoft posted Q2 revenue of $69.6 billion, net profit of $24.1 billion and earnings per share of $3.23 on strong cloud and AI demand
• Meta reported Q2 revenue of $47.52 billion, EPS of $7.14 and 3.48 billion daily active users and raised its next-quarter forecast on robust ad sales
• Major U.S. indices erased early gains to close July 31 lower as investors squared positions ahead of inflation and jobs data and priced in about a 50% chance of a September rate cut
• July marked the S&P 500’s first month without a daily move exceeding 1% since July 2023, highlighting subdued market volatility
• Healthcare stocks tumbled after President Trump gave drugmakers 60 days to cut U.S. prices, dragging down sector performance