Big Tech Earnings Boost Nasdaq in Stock Market Surge

The Nasdaq led gains in US stocks on Wednesday, buoyed by better-than-expected earnings from tech giants Microsoft and Alphabet. Microsoft's shares rose over 7% after reporting fiscal Q3 earnings that surpassed estimates, driven by growth in its AI and cloud businesses. However, UK regulators blocked Microsoft's potential acquisition of Activision Blizzard over competition fears. Meanwhile, Alphabet's Q1 earnings showed a 2% rise in search revenues, but shares were up slightly in early trading. On the banking front, PacWest Bancorp reported earnings that topped EPS estimates, while First Republic Bank's stock plunged nearly 50% after reporting a larger-than-expected drop in deposits.