Finance

Positive quarterly results from major technology firms provided a much-needed lift to the broader market. Microsoft shares experienced a dramatic surge after reporting that its heavy capital expenditures on AI infrastructure are yielding stronger-than-expected profits. Additionally, Amazon reported an after-hours earnings beat that fueled premarket optimism and signaled resilient corporate cash flows.

New macroeconomic data revealed that the U.S. economy expanded at an annual rate of 1.5% in the second quarter, missing expectations of 1.8% growth due to a pullback in government expenditures. Meanwhile, the Federal Reserve's preferred inflation metric, the headline Personal Consumption Expenditures price index, edged down to an annual rate of 3.7%, though underlying core pressures remained sticky.

Crude oil prices gave back previous gains as energy traders assessed recent U.S. military operations against targets in the Middle East. West Texas Intermediate futures decreased to around $83.50 a barrel, while global benchmark Brent crude slipped below $89 a barrel as markets monitored the potential impacts of localized geopolitical friction on maritime shipping lanes.