- The Nasdaq Composite rose 2.61% and the S&P 500 gained 1.29% as technology stocks rallied, recovering from the prior day's losses.
- Microsoft shares jumped 15.5% on strong quarterly results and robust cloud growth, which helped alleviate investor worries regarding AI expenditure.
- Semiconductor shares, including Micron Technology, rallied following strong financial results reported by Samsung Electronics.
- U.S. second-quarter GDP growth came in at 1.5%, missing analyst expectations due to inflation and reduced government spending, though consumer spending remained relatively strong.
Quotes
“Microsoft's blockbuster results proved the antidote against yesterday's sell-off, with strong cloud growth reassuring investors worried about artificial intelligence (AI) spending.”