Amazon shares jumped 15.3% on August 1, 2026, following a landmark Q2 earnings report. The company reported its first-ever quarter with net sales exceeding $200 billion. Amazon Web Services revenue growth accelerated by 37%. The advertising business increased by 26%.
The Consumer Discretionary Select Sector SPDR Fund (XLY) gained 3.29% following the results. Amazon’s heavy weighting in the index drove the sector to become one of the day’s top performers.
The rally contrasted with declines in the technology sector. Investors signaled a rotation toward companies demonstrating clear returns on artificial intelligence and cloud infrastructure.