Wall Street gains on tech earnings; bond yields hit multi-year highs

July 31 : U.S. stocks rose on Friday as strong earnings from Amazon and Microsoft drew investors back into the AI trade, while longer-dated Treasury yields hit new multi-year highs on fears that rising oil prices could fuel inflation.Currency markets also stayed on alert for further intervention, a day after Japanese authorities stepped in to support the yen, according to a market source.Microsoft on Wednesday forecast strong cash generation through fiscal 2027. Amazon followed a day later with its strongest cloud growth in more than four years, reassuring investors eager for proof that massive AI spending is paying off."There's significant drawdowns over the course of the month and everything related to artificial intelligence," said Art Hogan, chief market strategist at B. Riley Wealth.