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Stocks rise, Microsoft hits record high on earnings beat

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Stocks rose on Friday as Wall Street cheered a strong quarterly report from Microsoft sent the stock to an all-time high.

The Dow Jones Industrial Average climbed 68 points, or 0.3%. The S&P 500 traded 0.2% higher. The Nasdaq Composite advanced 0.2%.

Microsoft shares rose 1.7% and hit a record after the tech giant posted quarterly earnings and revenue that topped analyst expectations. The company’s results were driven by a 39% year-over-year surge in cloud revenue.

“This quarter was an absolute ‘blow out quarter’ across the board with no blemishes and in our opinion speaks to an inflection point in deal flow as more enterprises pick Redmond for the cloud,” said Dan Ives, an analyst at Wedbush, in a note. “While the stock has been very strong and a trillion dollar market cap is now reached, we believe the cloud party is just getting started in Redmond as evidenced by the robust guidance MSFT provided.”

American Express, another Dow component, also reported better-than-expected earnings. However, the company’s stock dropped more than 2%.
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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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