Microsoft Soars as Tech Giants Report Mixed Earnings

Oil prices declined, while stocks bounced back on Thursday following mixed earnings from major US tech companies.

Microsoft led the charge after reporting a stronger profit than expected for its latest quarter, with its stock soaring by 15.5% - its best day in nearly 18 years. The company's Azure cloud business saw significant growth, and CEO Satya Nadella attributed this to customers increasingly using Microsoft for AI purposes.

However, Meta Platforms, the parent company of Facebook and Instagram, fell 8% after reporting a weaker profit than expected, despite slightly higher revenue.

The bond market remained concerned about inflation, with longer-term Treasury yields holding steady. The yield on the 10-year Treasury was 4.67%, while the 30-year Treasury yield ticked up to 5.22%. This has investors questioning whether the Federal Reserve is prepared to act if inflation worsens.