Tech Giants' Earnings Spark Global Rally, Microsoft's Single-Day Market Cap Gain Surpasses Major European Companies

Odaily News, Deutsche Bank strategists noted that Microsoft's (MSFT.O) strong earnings triggered a rally in global tech stocks, boosting the Nasdaq index and semiconductor shares. This surge helped the S&P 500 record its best single-day performance in seven weeks, despite weak market breadth, while Amazon's (AMZN.O) robust cloud business growth offset Apple's (AAPL.O) disappointing earnings outlook.

Another major development is that South Korea's KOSPI index surged 16.4% following the tech stock rally, with the Nikkei also rising over 4%. Earlier, Microsoft jumped 15.51% after releasing earnings the previous evening, marking its best single-day performance since 2008. This also represents the largest single-day market cap increase in history for any company (+$450 billion). For reference, this increase exceeds the total market cap of any European company except ASML. (Jin10)