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Microsoft earnings spur global tech rebound and lift major indexes
KOSPI surged 16.4% in a single day after Microsofts jump, while Amazons web services revenue growth hit its fastest pace since 2021 and Apple shares fell after a weaker forecast.
Deutsche Bank strategists said strong Microsoft earnings triggered a global technology rebound that lifted regional indexes including the KOSPI, the Nasdaq, and semiconductor stocks. The rally helped the S&P 500 log its best day in seven weeks despite weak market breadth, with semiconductors rebounding after recent weakness.
FXStreet attributed the move to Microsoft results that were viewed as a positive read-through for cloud and AI demand. The Nasdaq gained 2.78%, and the Philadelphia semiconductor index rose 8.19% in the session.
Deutsche Bank also pointed to a sharp market reaction abroad, noting the KOSPI jumped 16.4% and the Nikkei rose more than 4%. Microsoft shares rose 15.51% and, according to the note, delivered the largest ever single-day increase in any company market cap, at $450 billion.
After the U.S. close, the rebound faced some pushback, with Meta down 7.95% after its results. Amazon shares surged nearly 10% in extended trading, and the note said its web services revenue growth accelerated to the fastest since 2021, while Apple dropped about 6% after issuing a sales growth forecast for the current quarter of 9% to 11% versus an estimate of 12%.
Latest closeS&P 500 7,489.72 ▲0.7%|Nasdaq Comp. 25,373.85 ▲1.0%|Nikkei 225 61,867.43 ▲0.7%