Microsoft's strong results were an example of that, with the company posting an earnings beat on solid cloud results. However, guidance disappointed, and the stock initially rallied 5% but gave back its gains. The company also saw weakness in its PC software business. The stock initially rallied 5%, but gave back its gains. The company's PC software business has been weak recently, and this caused the stock to rally 5% at first, but it gave back its gains shortly after.

the Netherlands and Japan are close to joining a Biden administration-led effort to curb exports of semiconductor manufacturing equipment to China. This could potentially limit ASML's sales to Chinese customers, as the US seeks to undermine Beijing's ambition to build a self-sufficient supply chain.