Tech giants turn to A.I. as they cut costs and drive market gains.

Stocks were higher in a volatile trading session, with big tech earnings from Microsoft, Alphabet, Meta Platforms, and Amazon holding investor attention. The Federal Reserve published a report blaming its own staff, bank executives, and regulatory changes for Silicon Valley Bank's failure last month, recommending additional regulatory rules. CNBC reported that troubled lender First Republic Bank is likely headed into FDIC receivership, making it the fourth US bank to fail since the beginning of March. ExxonMobil reported record profits in Q1, while Chevron's refining business drove results during the quarter. Investors are also awaiting reports from the Federal Reserve and FDIC on the events surrounding the collapse of Silicon Valley Bank and Signature Bank last month.