From July 28 to 31, 2026, the five largest tech firms released earnings reports and the S&P 500 IT experienced a nearly 5% rally. Microsoft’s rally was its biggest ever, adding roughly $450 billion to its market capitalization in a single day, the most significant single-day market capitalization increase in stock market history. Amazon’s after-hours, post-earnings report rally was 10%, marked by a 37% increase in AWS, its fastest growth since 2021. Meta’s earnings report miss was a 14% decline in earnings per share, and free cash flow decreased to $784 million, resulting in a 9.64% decline in Meta stock. Apple’s stock decreased by 3% to 4%, despite reporting record earning for the month June. The KOSPI had its largest one-day increase ever, with a total increase of 17.91%. On July 30, strong Microsoft Q4 FY2026 earnings after the close on July 29 brought a 16% stock spike, with $450 billion in new market capitalization in a single day, triggering the S&P 500 up 1.7% to 7437.64, the Nasdaq up 2.8% to 25122.18, an 8% gain in the iShares Semiconductor ETF, and a nearly 5% gain in XLK. Azure was up 43%, commercial RPO was up 84%