Key Takeaways Microsoft shares surged in extended trading Wednesday after the company issued quarterly results and guidance that topped Wall Street's expectations. boosted by strong growth in its cloud business.

Microsoft reported earnings for its fiscal third quarter after Wednesday's closing bell. MarketWatch will be breaking down the results and expectations.

U.S. stocks rallied on Thursday, with the Dow and S&P 500 posting their eighth straight session of gains after strong results from megacaps Microsoft and Meta eased concerns about artificial intelligence spending.