Market Overview
The S&P 500 closed at a fresh all-time high around 7,799, up roughly 0.7% [1]. Softer-than-expected producer price inflation data cooled rate-hike fears, oil prices eased, and the Nasdaq added about 0.8%. The Dow managed a more modest gain. Chips and software led the way, with notable performances from MSFT and other tech giants.
Earnings Updates
Microsoft delivered blowout Q4 FY26 results, with revenue up 18% to $90B and Azure growth accelerating to 43% [6]. Amazon's AWS revenue surged 36.7% to $42.2B as AI demand boosts backlog and margins [8]. Apple passed $10B in annual sales in India for the first time in FY 2026, up from $9B in 2024-25 [10].
Investor Insights
Fidelity Contrafund built a legendary reputation by zigging while Wall Street zagged, but managing $157.8 billion forces some uncomfortable questions about whether a fund this massive can still bet against the crowd [2]. Meanwhile, Meta remains a deeply discounted giant, with Wall Street expecting 30% gains and one analyst eyeing a 100% price target [11].