A strong outlook from Microsoft Corp and resilient Google ads sales from Alphabet sparked a relief rally on Wednesday in heavyweight technology and growth shares that have powered the stock market for the past decade.
Microsoft rose 3.8 per cent after the company said it targets double-digit growth in fiscal revenue, easing worries about the impact of soaring prices and slowing growth, even as it missed estimates for fourth-quarter results. All eyes will now be on ad revenue at Facebook owner Meta Platforms due later in the day after disappointing results from Twitter Inc and Snapchat's owner Snap Inc last week sparked a selloff in social media and ad tech firms.
Meta shares rose 2.4 per cent, while Apple Inc and Amazon.com Inc, which are slated to post reports on Thursday, firmed 2.5 per cent and 2 per cent, respectively.
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