Finance

Microsoft shares jumped more than 15% in a single session, adding roughly $450 billion to its market capitalization. The surge was driven by fiscal fourth-quarter results indicating its Azure cloud business topped $100 billion in revenue for the first time, alleviating investor anxiety over massive artificial intelligence capital expenditures.

Amazon shares soared over 8% in extended trading following second-quarter revenue that surpassed expectations due to strong cloud-computing performance. Conversely, Apple saw its stock drop after hours due to a shortfall in services revenue, despite reporting a 22% increase in iPhone sales.

The Federal Reserve opted to leave benchmark interest rates unchanged, but a division in the policy-setting committee signaled a lingering bias toward future tightening. Consequently, long-term Treasury yields jumped, pushing the 30-year yield toward multidecade highs as investors weighed persistent inflation concerns magnified by geopolitical conflicts.