A trader works on the floor of the New York Stock Exchange, Thursday, Jul 30, 2026, in New York. (Photo: AP/Yuki Iwamura)
31 Jul 2026 05:19AM
NEW YORK: Wall Street stocks rebounded Thursday (Jul 30) as blowout Microsoft results and moderating oil prices blunted worries about higher US Treasury yields.Shares of Microsoft surged more than 15 per cent following strong results driven by its cloud and artificial intelligence divisions. That helped lift all three major US indices, led by the Nasdaq, which piled on 2.8 per cent."A good deal of enthusiasm for Microsoft and tech is helping the tape," said Art Hogan of B. Riley Wealth Management.Analysts pointed to a pullback in oil prices as supportive of equities as traders greeted comments from Pakistan insisting that negotiations between Iran and the United States were ongoing despite escalating strikes on both sides.The Microsoft results came at the end of a difficult July for tech companies after Nasdaq's huge second-quarter gains. Major tech companies in the US have been spending billions to build out AI infrastructure and develop increasingly more advanced AI models. This week's earnings results have been seen as an important barometer on whether soaring tech valuations are justified. Facebook parent Meta fell eight per cent Thursday on worries over the company's lofty artificial intelligence outlays. But the Microsoft earnings provided some reassurance on that question, analysts said."Traders are still differentiating between companies," said FHN Financial's Chris Low. "It's a healthy sign because it means it's not just a pure momentum trade."
