Earnings from Microsoft, Alphabet, and Meta created sharp market swings, with Alphabet soaring 6%, Meta sinking 8%, and Microsoft sliding 4% after mixed quarterly updates. Alphabet’s advertising and cloud units outperformed, while Meta cited tax legislation pressures. Investors now await Apple and Amazon reports due Thursday evening, which could set the tone for broader technology valuations. Analysts noted concentrated sector leadership, rotation into AI-linked stocks, and persistent volatility as traders balance earnings strength against macroeconomic uncertainty following the Federal Reserve’s policy update.