Amazon led Friday's gains after reporting second-quarter results that beat expectations, with its cloud-computing division showing accelerating growth that echoed the strong Azure results Microsoft delivered a day earlier. The gains came despite a sharp rise in Treasury yields that pressured markets for much of the session. The CME Group's FedWatch tool showed markets pricing roughly a 63% likelihood of a rate hike at the Fed's September meeting, a notable shift in expectations following that split decision. Elsewhere, disappointing profit guidance from Boeing and Salesforce added to Friday's mixed tone beneath the market's broader gains. Apple's decline despite beating both earnings and revenue estimates illustrates how thoroughly that framework has come to dominate the market's reaction function this quarter.