Wall St. slightly higher on Microsoft results, rate cut hopes

Wall Street's main indexes edged higher on Friday after solid results from technology giant Microsoft added to an upbeat mood following hints from a top Federal Reserve official that a U.S. interest rate cut could be imminent. Microsoft Corp (O:MSFT), the most valuable U.S. company, rose 1.5% as strength in its cloud business helped it beat estimates at the end of a week of mixed earnings.The gains also lifted the technology sector (SPLRCT) 0.53%, making it one of the six major S&P indexes trading higher. "Microsoft is a sign that not all companies are suffering from the downturn we're seeing in manufacturing or the pressure from interest rates that's affecting financials," said Jeff Kleintop, chief global investment strategist, at Charles Schwab in Boston. Second-quarter profits at S&P 500 companies are now estimated to rise 1%, according to Refinitiv IBES data, in a reversal from earlier expectations of a small drop.