Nasdaq futures rally over 1% after upbeat Microsoft, Alphabet results

(Reuters) – Nasdaq futures rallied more than 1% on Wednesday after upbeat results from Microsoft and Alphabet dwarfed worries about the impact of rising interest rates on the U.S. economy. Microsoft Corp climbed 7.5% after it beat Wall Street estimates for quarterly results, and said that artificial intelligence products were stimulating sales. Alphabet Inc rose 1.0% after the Google parent said it would buy back $70 billion in stock and topped first-quarter profit and revenue estimates on strong demand for cloud services and ad sales. Wall Street’s major averages suffered their deepest declin…

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