A rally in the tech megacaps gave US markets a boost while US economic data showed moderate inflation.
| US stocks rose on Friday, buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft in addition to moderate inflation data.
Other megacap growth stocks also traded higher: Amazon.com and Nvidia rose 3.5 per cent and 5.8 per cent, respectively. However, Meta Platforms, Apple and Tesla were down. On Wednesday, Meta results disappointed investors even as the company ratcheted up spending on AI. The report offered some relief to financial markets spooked by worries of stagflation a day after data showed inflation surging and economic growth slowing in the first quarter.
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