证券时报·2025-07-31 15:00Core Viewpoint - The strong earnings reports from major tech companies have boosted investor confidence in the US stock market, alleviating concerns about potential economic slowdown due to tariff policies [1][6]. Group 1: Earnings Reports - Microsoft reported Q4 FY2025 earnings that exceeded market expectations, with revenue reaching $76.44 billion, a year-on-year increase of 18%, marking the fastest growth in nearly three years. Net profit rose from $22.04 billion to $27.23 billion [5]. - Meta Platforms Inc. reported Q2 revenue of $47.52 billion, a year-on-year increase of 22%, and projected Q3 revenue between $47 billion and $50.5 billion, surpassing analyst expectations [6]. Group 2: Market Reactions - Following the earnings announcements, Microsoft's stock surged over 8% at one point, closing nearly 5% higher, with a market capitalization exceeding $4 trillion. Meta's stock rose nearly 12% [3][4]. - The S&P 500 index increased by 0.8%, while the Nasdaq composite index rose by 1.28% on the day of the earnings reports [2]. Group 3: Economic Context - The strong earnings reports are helping to mitigate market concerns regarding potential economic slowdown due to tariff policies, providing reasonable support for the currently high valuations in the stock market [6]. - Investors are weighing trade tensions and central bank policy decisions amidst the backdrop of these earnings [6]. Group 4: Inflation Concerns - The core PCE price index, a key inflation measure favored by the Federal Reserve, rose by 2.8% year-on-year, slightly above market expectations, complicating the Fed's path to potential interest rate cuts [8][9].