The S&P 500 is trading significantly higher, driven by a strong positive reaction to Microsoft's (MSFT) better-than-expected quarterly earnings. The tech giant's shares surged after it reported robust growth in its Azure cloud business, boosting sentiment across the technology sector. This optimism is overshadowing a significant drop in Meta Platforms (META) shares following its disappointing earnings report. Adding to the positive sentiment, the latest Personal Consumption Expenditures (PCE) price index data showed inflation cooling slightly more than anticipated.