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Microsoft's Strong Earnings Boost Market Confidence

The major averages were broadly higher near noon following Wednesday's volatile session, as a strong earnings report from Microsoft helped restore confidence in the artificial intelligence trade and offset lingering uncertainty following the Federal Reserve's latest policy decision.Corporate earnings remain the primary catalyst for markets. Microsoft shares are surging in premarket trading after the software giant reported stronger-than-expected quarterly results, projected robust current-quarter sales and cloud growth, and reassured investors with a lower-than-feared capital expenditure outlook. The results helped ease recent concerns that soaring AI-related spending was outpacing returns. Not all technology earnings were well received, however, as Meta Platforms is trading sharply lower after reporting a steep decline in free cash flow tied to heavy AI investment.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Microsoftreported, with Azure revenue surpassing $100B for the first time this yearMetareported, provided a somewhat conservative outlook for Q2 and narrowed its FY26 capital expenditure guidanceLooking at the food and beverage space, Starbucksand Chipotleboth providedfor the June quarterQualcommreportedand provided a conservative outlook for Q4IntercontinentalExchangeMarketAxessfor $167 per share in cash2. WALL STREET CALLS:Humanaat Leerink and Piper SandlerKeefeCore Scientificshortly after downgrade on AMD lease winLas Vegas Sandsto Hold at Argus amid potential VIP gaming pressureHSBCProcter & Gambleto Hold after "weak" Q4Jersey Mike's Subswith a Buy at Melius Research ahead of IPO3. AROUND THE WEB:OpenAI's ChatGPT and Robloxare expected to face stricter EU content moderation oversight after surpassing the 45 million monthly user threshold for designation as very large online platforms, Bloomberg reportsIn an internal meeting, OpenAI finance chief Sarah Friar told employees that the company's annualized recurring revenue in July was higher than in Q2 as a whole, CNBC saysExxonMobil, Chevron, and other oil companies have been fighting over the few attractive drilling spots in Venezuela, but some of the discussions with the country's leaders have hit an impasse, WSJ reportsIntelhas given access to some of its processor technology to new startup RosaicLabs, Reuters saysThe U.S. Space Force has awarded SpaceXtwo National Security Space Launch Phase 3 Lane 1 task orders with a total value of $1.6B for 18 Falcon 9 launches, Bloomberg reports4. MOVERS:Xeroxincreases after, with EPS and revenue beating consensusBloom Energyhigher after Mizuhothe stock to OutperformCorcept Therapeuticsand Bausch Healthgains in New York afterTeladocfalls afterand providing guidance for Q3 and FY26Alnylamand Phathom Pharmaceuticalslower after5. EARNINGS/GUIDANCE:MasterCard, with EPS and revenue beating consensusPiper Sandler, with CEO Chad Abraham commenting, "Broad-based performance across our platform drove another quarter of year-over-year growth, fueling our best first-half revenues on record"FTI Consultingand raised its guidance for FY26HNI Corporation, with EPS beating consensusEmcorand raised its guidance for FY26, with CEO Tony Guzzi commenting, "We had an exceptional second quarter, growing revenues nearly 20% and earning an impressive 10.6% operating margin"INDEXES:Near midday, the Dow was up 385.68, or 0.75%, to 51,979.82, the Nasdaq was up 622.59, or 2.55%, to 25,065.54, and the S&P 500 was up 94.72, or 1.29%, to 7,410.87.

Microsoft's Strong Earnings Boosts Stock Futures Rebound

Stock futures are rebounding Thursday after Wednesday's volatile session, as a strong earnings report from Microsoft helped restore confidence in the artificial intelligence trade and offset lingering uncertainty following the Federal Reserve's latest policy decision.The Federal Reserve left interest rates unchanged on Wednesday, as widely expected, but markets were unsettled by signs of growing disagreement among policymakers and Fed Chair Kevin Warsh's reluctance to provide clear forward guidance on the path of monetary policy. Treasury yields climbed following the decision, with the 30-year Treasury yield reaching its highest level in nearly two decades, reflecting persistent concerns about inflation and the outlook for rates.Corporate earnings remain the primary catalyst for markets. Microsoft shares are surging in premarket trading after the software giant reported stronger-than-expected quarterly results, projected robust current-quarter sales and cloud growth, and reassured investors with a lower-than-feared capital expenditure outlook. The results helped ease recent concerns that soaring AI-related spending was outpacing returns. Not all technology earnings were well received, however, as Meta Platforms is trading sharply lower after reporting a steep decline in free cash flow tied to heavy AI investment.In pre-market trading, S&P 500 futures rose 0.58%, Nasdaq futures rose 1.60% and Dow futures rose 0.35%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -MarketAxessup 30% after Intercontinental Exchangeannounced a definitive agreement to acquire the company for $167 per share in cashUP AFTER EARNINGS -Baxterup 14%Quanta Servicesup 13%Lam Researchup 13%Fortinetup 12%Microsoftup 9%Chipotleup 7%ING Groepup 5%Lloyds Bankingup 4%Starbucksup 4%Oil Statesup 3%Shellup 2%Wescoup 1%Bristol Myersup 1%DOWN AFTER EARNINGS -Teladocdown 19%Meta Platformsdown 9%Sirius XMdown 8%Check Pointdown 8%Carvanadown 8%AMC Networksdown 6%Norwegian Cruise Linedown 6%Sanofidown 5%Altria Groupdown 3%Qualcommdown 3%AB InBevdown 2%