Meta Platforms tightened its annual capital expenditure spending plans. Microsoft's quarterly results were ahead of market expectations, but the company's cloud segment revenue growth fell short of expectations. Arm Holdings reported a surge in revenue in the latest quarter, but the current quarter's revenue outlook disappointed investors.
AMD ARM META MSFT TDOC
AMD ARM META MSFT TDOC
Optimism prevailed on Wall Street ahead of earnings from mega-cap tech companies and the Federal Reserve's policy decisions this week.
MCD
MCD
U.S. stocks rebounded, and investors favored smaller cap names. The U.S. economy expanded at a faster pace in the second quarter, and durable goods orders declined for the first time in four months. European markets eased after a batch of weak earnings. The Nikkei 225 dropped to a three-month low as the yen strengthened.
The U.S. major averages extended this week's losses after Alphabet and Tesla reported earnings that fell short of market expectations. European market indexes closed down after a batch of mixed earnings. China indexes dropped amid weak earnings growth expectations and a protracted property market slump.