Big Tech Earnings Driving SPX Rally

"Amazon leaped 13.8% after reporting much stronger profit for the latest quarter than analysts expected. Its profit more than tripled from a year earlier, thanks in part to an acceleration of growth in its cloud computing business"

"The S&P 500 rose 24.5 points, or 0.33%, at the open to 7,462.13, while the Nasdaq Composite rose 218.5 points, or 0.87%, to 25,340.711 at the opening bell."

"While major American indices such as the Dow Jones, S&P 500, and Nasdaq posted gains, the South Korean KOSPI index continued its losing streak."

"MSFT trades at 20x earnings, a 20% discount to the sector median, yet offers superior growth and premium margins."

"This optimism comes as investors gear up for the upcoming quarterly earnings season, with technology firms expected to lead a 24% earnings surge from last year."

"Alphabet (GOOGL) climbed over +6% in pre-market trading after Google’s parent company reported stronger-than-expected Q1 results. Also, Amazon.com (AMZN) gained more than +2% in pre-market trading after the e-commerce and technology giant posted strong Q1 results."

"The S&P 500 Software Index posted its strongest weekly gain since May, supported by strong earnings growth, undervalued multiples, and large share buybacks."

"Analysts expect S&P 500 companies to have grown their earnings nearly 11 per cent in the December quarter, up from an estimate of about 9 per cent at the start of January."

"Strength in large technology stocks helped lift the market, with Apple jumping about 3%, Meta Platforms climbing roughly 2%, and Microsoft rising around 1% ahead of their earnings reports."

"Analysts project strong performance, particularly in technology, with the sector expected to lead S&P 500 earnings growth at 26.5% year-over-year."