Amazon soars, Microsoft jumps

US stocks opened slightly higher thanks to gains for technology giants Amazon and Microsoft. Amazon shares soared 7.3 per cent thanks to its bigger-than-expected profit in the first-quarter.

Microsoft jumped 3.6 per cent and Intel rose 3.7 after both companies’ results beat Wall Street forecasts. However Charter Communications plunged 14.2 per cent as investors were disappointed with the cable company’s results, which included a decline in video subscribers.

The S&P 500 index rose 10 points, or 0.4 per cent, to 2,677.

Macroeconomic data has been soft in a number of key economies, so it is reassuring that amid those concerns we are still seeing strong earnings numbers coming through from big ticket corporates.”

Victoria Clarke | Investec economist