Big Tech Earnings Defy Fears of ‘Worst-Case Scenario’ for Stocks

Investors in the US technology behemoths that dominate the S&P 500 Index are breathing a sigh of relief as last week’s earnings reports from the group show their outlooks remain mostly strong in the face of President Donald Trump’s shifting trade policies.

One after another, tech giants from Amazon.com Inc. to Microsoft Corp. unveiled forecasts that suggest demand remains largely intact for businesses including electronic devices, cloud computing services, software and digital advertising. While the reports were by no means perfect — Apple Inc. was a high-profile disappointment — they eased many of the worst-case fears that the firms would ...