WS #13111

The dominant theme is a global tech/AI rally, driven by blowout earnings from Microsoft and Amazon, which has lifted Asian and European markets and is set to boost US futures. Microsoft's record 15% surge and Amazon's AWS growth of 37% (fastest in 18 quarters) have dispelled fears of an AI capex bubble, with Amazon's stock up 9% after hours. This is corroborated across multiple sources (Benzinga, GDELT, investing.com, etc.). However, Apple's stock fell ~4-6% after hours despite strong Q3 results (revenue $109.4B, +16% YoY) due to a conservative Q4 guidance of 9-11% growth (vs. 12% expected) and warnings of a '100-year flood' in memory costs, which could pressure margins. This creates a divergence within the MAG7: MSFT and AMZN are bullish, while AAPL is a relative laggard. Geopolitically, oil prices are easing (Brent ~$85, down ~2%) as Saudi Arabia forms a maritime coalition and Houthis signal no new restrictions, but the US-Iran conflict remains active with a missile launch from Iran reported and a Russian missile incident in Poland raising NATO tensions. The Fed held rates steady (as expected) but with a hawkish 9-3 vote, and US Q2 GDP grew only 1.5% (below 2.1% expected), while inflation remains sticky. This mixed macro backdrop supports a risk-on tone in tech but keeps bond yields elevated (30-year at 19-year high).