Microsoft, Alphabet results raise hopes about Big Tech weathering slowdown

Microsoft Corp and Alphabet Inc results sparked a relief rally in heavyweight technology and growth shares as investors expressed confidence in Big Tech’s ability to navigate a recession.
High-growth and megacap companies have powered the US stock market for the past decade, but rising interest rates to combat decades-high inflation as well as a recent sharp rally in the dollar have taken a toll on stocks.
The rate-sensitive growth stocks fell 25 percent this year as the Federal Reserve began its monetary policy tightening, compared with a near 18 percent fall in the S&P 500 index.