Amid growing anxiety over trade wars, shrinking GDP, and signs of labor market fatigue, Wall Street found comfort in familiar names: Microsoft and Meta. Their earnings beat didn’t just lift the Nasdaq—it calmed the nerves of an increasingly jittery market.

But how long can the tech giants carry that weight?

When Tech Carries the World

Thursday’s gains—1.52% for the Nasdaq, led by Microsoft’s 7.6% surge—weren’t just about earnings. They were about narrative. Investors needed a reason to believe that the U.S. economy isn’t sliding into uncertainty. Microsoft’s cloud strength and Meta’s ad recovery gave them one—at least for a day.

Even as Q1 GDP shrank, jobless claims rose, and tariff fears intensified, markets managed to look past the pain—thanks to two earnings reports.

The Two Americas of Corporate Earnings

While Big Tech thrived, Main Street names like McDonald’s stumbled. The fast food giant reported falling U.S. sales, citing tariffs and consumer weakness. Its 2% drop reminded markets that policy impacts aren’t evenly distributed.

This divergence will define the next phase of the market: those who can sidestep global friction, and those who can’t.

The Trade Clock Is Ticking

Geopolitically, the trade story remains in limbo. The Trump administration wants action from Beijing before reopening negotiations. China is waiting for clarity. And the market is stuck in the middle—waiting for a headline to trade on.

If new tariffs are announced, even Big Tech may not be able to shield the indexes. But if a fresh round of negotiations materializes, expect another relief rally—however temporary.

Final Thought

For now, Microsoft and Meta have bought the market time. But time is a limited commodity when uncertainty rules.

Wall Street is watching Amazon and Apple next. And beyond earnings, it’s watching for something harder to quantify: direction.

Because as strong as the tech giants are, even they can’t carry the weight of uncertain policy, rising inflation, and a shrinking economy forever.