Technology giants led markets higher in July

Select Wealth Management – Monthly View – August 2025

Global sharemarkets rose 2.2% in July.

US markets led the way on favourable corporate earnings updates, particularly better than expected profit updates from the technology giants Microsoft, Apple, Alphabet, and Meta.

Microsoft’s value rose to over US$4 trillion following its profit update.

Apple reported strong revenue growth, helped by consumers rushing to buy iPhones ahead of tariff deadlines.

Alphabet, Microsoft, Amazon, and Meta Platforms are set to spend nearly $400 billion this year on capital expenditures alone, largely to build their artificial-intelligence infrastructure.

Major US banks, such as Citigroup, Bank of America, and Morgan Stanley also reported solid results.

New Zealand’s sharemarket rose 1.8% in July and the Australian sharemarket increased 2.4%.

Global bonds fell on rising US longer-term interest rates.

New Zealand’s fixed income market rose as data raised the potential for further OCR reductions in the months ahead.

Select Wealth Management’s Monthly View (August 2025) is available at this link.