Microsoft-led tech rally sparks broad stock rebound

U.S. stocks rebounded after the Fed held rates, with the Nasdaq jumping about 2.4% as Microsoft surged over 16% on Azure revenue strength; the Dow and S&P 500 gained roughly 0.8% and 1.2% respectively, while the Nasdaq-100 had already slipped into a correction. Meta slumped after earnings miss. Bond yields surged to multi‑decade highs near 5.24% as inflation data showed slower June gains and GDP growth cooled, and investors awaited upcoming results from Amazon and Apple amid ongoing Iran tensions and energy moves.