Amazon, Alphabet, Microsoft, and Meta reported they were set to spend a cumulative $364 billion in their respective 2025 fiscal years, up from their prior estimates of around $325 billion.

The market’s best days frequently occur in the midst of misery, our columnist says, so don’t bother trying to figure out where stocks are heading.

That kind of shot was first used during the Covid-19 pandemic, but the health secretary has been sharply critical of the technology.