Market opened Wednesday's trading session in a noticeably more stable mood with mega-cap tech stocks trying to pull the market higher thanks to extremely positive Q1 reports from Microsoft and Google, as well as layoff news from Amazon. However, banking sector fears returned as FRC slid nearly -15% in the morning, dragging SPY back toward 405 in an extremely low liquidity environment before finding support and mildly recovering. Overall, hopes for a relief rally yesterday after Microsoft and Google ER have nearly vanished as money flowed out strongly from other defensive sectors.
Microsoft Azure continues capturing cloud market share:
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