S&P 500 gives up gains despite Microsoft

-- The Huanma ForexS&P 500 fell Wednesday, giving up early-day gains despite a Microsoft-fueled jump in tech following better-than-expected quarterly results.

The fell 0.3%, the fell 0.6%, or 198 points lower, and the rose 1%.

Microsoft Corporation (NASDAQ:) rallied 7% after reporting quarterly reported third-quarter that topped Wall Street estimates as its Azure cloud business held up better than expected at a time when many were worried about the impact from a slowdown in enterprise spending.

“The star of the report and the focus of the Street was Azure revenue growth of 31%," Wedbush says, adding that the tech giant’s guidance for Q4 was “solid and much better than feared.”

Alphabet (NASDAQ:), meanwhile, also delivered better-than-expected as its core Google search business performed better than feared, but concerns about the tech giant’s plan to boost spending and hiring weighed.

The positive results from Alphabet provided a positive look through to Meta's results due after the market close on Wednesday.

“We see potential upside to our modestly above-consensus $27.8B 1Q23 revenue given the historical relationship between YouTube and Meta sequential ad revenue growth,” UBS said in a note.

Beyond tech, (NYSE:) was also dominating investor attention after the aircraft maker delivered better-than-expected and detailed plans to ramp up production of its 737 jets.

Chipotle Mexican Grill (NYSE:), meanwhile, jumped 14% to a record high as investors cheered the Mexican fast food chain's better-than-expected quarterly that were bolstered by price hikes.

In financials, (NYSE:) remained the problem child, extending losses with a 20% decline after its disappointing quarterly earlier this week. The battered regional bank has reportedly reached out to major Wall Street banks for another round of financial support following its $30 billion rescue deal earlier this year.

(NASDAQ:) shrugged off the doom in regional banks after announcing that the pace of deposit outflows seen in the first quarter had stabilized. The regional bank also reported first-quarter that topped Wall Street estimates on Tuesday.

Energy fell nearly 1% as prices continued to slip as ongoing fears about a recession overshadowed data showing a much larger than expected drop in weekly inventories.

In deal news, Activision Blizzard (NASDAQ:) plunged nearly 12% as its $69B takeover by Microsoft was thrown into further doubt after a UK regulator blocked the deal amid antitrust concerns.

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