On July 31 local time, the three major U.S. stock indices collectively closed lower, with the Nasdaq and S&P 500 both hitting intraday record highs. Large-cap tech stocks showed mixed performance, with Meta surging 11.25% due to better-than-expected earnings. Apple released its Q2 earnings report after the market closed, causing its after-hours stock price to rise over 3%.

In commodities, international gold prices were mixed, while oil prices edged lower.

The World Gold Council's Q2 2025 "Global Gold Demand Trends Report," released on July 31, showed that global gold demand (including over-the-counter transactions) reached 1,249 tons in Q2, up 3% year-over-year, with strong investment demand being the main driver. In terms of consumer demand, global jewelry demand declined year-over-year, but the value of global jewelry consumption still rose.

Meta Surges Over 11%

On July 31 local time, the three major U.S. stock indices opened high but closed low, with the S&P 500 falling for the third consecutive trading day. During the session, the Nasdaq rose to a high of 21,457.48 points, and the S&P 500 reached 6,427.02 points, both setting intraday record highs.

Data showed that by the close, the Dow Jones fell 0.74% to 44,130.98 points, the Nasdaq dipped 0.03% to 21,122.45 points, and the S&P 500 declined 0.37% to 6,339.39 points.

Large-cap tech stocks were mixed, with the "Magnificent Seven" tech index rising 1.31%. Meta surged 11.25% due to strong earnings, while Microsoft gained 3.95%. Amazon rose 1.70%, Tesla fell 3.38%, and Alphabet (Google's parent) dropped 2.32%.

On July 31 local time, Amazon released its latest earnings report after hours, showing Q2 revenue of $167.7 billion, up 13% year-over-year (vs. estimates of $162.15 billion), and net profit of $18.16 billion, up 34.7% year-over-year. Amazon's after-hours stock price initially plunged over 7%.

Popular Chinese stocks were mixed, with the Nasdaq Golden Dragon China Index rising 0.66%. Among its components, Qudian, TAL Education, and NIO gained over 8%, while Kingsoft Cloud rose over 5%.

Apple's Q2 Revenue Exceeds Expectations

On July 31 local time, Apple released its fiscal Q3 2025 (Q2 2025) earnings report. In Q2, Apple's revenue reached $94.036 billion, up 9.63% year-over-year, surpassing market expectations, while net profit was $23.434 billion, up 9.26% year-over-year.

By segment, iPhone revenue was $44.582 billion (vs. $39.296 billion YoY), Mac revenue was $8.046 billion (vs. $7.009 billion YoY), iPad revenue was $6.581 billion (vs. $7.162 billion YoY), Wearables, Home, and Accessories revenue was $7.404 billion (vs. $8.097 billion YoY), and Services revenue was $27.423 billion (vs. $24.213 billion YoY).

Apple's Greater China revenue was $15.369 billion, up from $14.728 billion YoY.

Data showed that Apple's after-hours stock price rose as much as 3.62% on July 31.

Mixed Gold Prices, Oil Prices Decline

In commodities, as of 5:59 AM Beijing time on August 1, international oil prices fell. Data showed Brent crude futures dropped 72 cents (0.99%) to $71.75 per barrel, while WTI crude futures fell 64 cents (0.91%) to $69.36 per barrel.
For precious metals, London spot gold rose 0.45% to $3,289.710 per ounce by the July 31 close, while COMEX gold fell 0.31% to $3,342.3 per ounce.

The World Gold Council's report noted that central banks continued buying gold in Q2 but at a slower pace, adding 166 tons. Despite the slowdown, central bank gold purchases remain at historically high levels amid ongoing global economic and geopolitical uncertainty.