Microsoft's 43% cloud growth revived the AI trade and lifted chipmakers, but Meta's guidance miss and a 19-year high in 30-year yields capped the rebound.

Investors were digesting Meta earnings and the Federal Reserve's decision to hold rates steady.

(Bloomberg) -- US stocks rose as strong growth at Microsoft Corp. reassured investors that expensive bets on AI are starting to pay off, outweighing resurgent worries about…