Finance

Microsoft shares soared 16%, marking the company's largest single-day percentage gain since 2008 and expanding its market capitalization by an unprecedented $450 billion. The powerful rally followed a better-than-expected quarterly earnings report driven by robust cloud computing momentum, with its Azure unit topping $100 billion in revenue for the first time. The results successfully alleviated prevailing investor anxieties regarding heavy spending on artificial intelligence infrastructure.

E-commerce giant Amazon saw its stock climb over 8% in extended trading after reporting second-quarter revenues that outpaced Wall Street forecasts. Conversely, Apple shares dipped 6% after hours; although its total fiscal third-quarter revenue exceeded expectations on a 22% spike in iPhone sales, a shortfall in its key services business sector weighed on investor sentiment.

Long-term U.S. Treasury yields held near multi-decade highs, with the 30-year yield hovering above 5.2% following the Federal Reserve's decision to maintain interest rates unchanged. Market participants are navigating slower-than-expected economic growth alongside continuing geopolitical tensions in the Middle East. Additionally, core PCE data showing a moderate monthly advance of 0.1% provided a brief relief to bond traders balancing inflation risks against upcoming monetary policy paths.