Wall Street gains on Microsoft and chip boost
Wall Street experienced a rebound in the U.S. stock markets after a sharp decline in the previous session following the Federal Reserve's decision to keep interest rates unchanged. The rise in stocks was led by support from Microsoft, whose shares gained 8.3% thanks to strong growth in its cloud computing business, which propelled the semiconductor sector to rise by more than 3%. Meanwhile, Meta's shares fell by 9% after lower revenue forecasts and a 91% drop in cash flow during the second quarter. Additionally, the yields on 30-year U.S. Treasury bonds rose to over 5.2%, their highest levels since 2007. Markets also tracked the slowing of U.S. economic growth to 1.5% in the second quarter, with inflation continuing to rise to 3.7%, amid anticipation of earnings reports from major tech companies such as Amazon and Apple.
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