Microsoft's disappointing outlook is weighing on the stocks of other cloud companies, including Amazon.

U.S. stocks fell Wednesday, as another busy day of earnings gave investors a fresh sense of how companies are coping with an economic slowdown and higher interest rates.

Microsoft (ticker: MSFT) posted solid results in cloud computing and enterprise applications, despite weakness in its PC software business. In particular, the Azure public cloud business beat Wall Street growth estimates, which is a relief to investors nervous about the outlook for corporate IT spending.

Meta's stock rose 2.4% after Citi reaffirmed its "buy" rating on the social media company. While there's limited visibility on the macroeconomic front, Citi believes the market is stabilizing.

This move comes after layoffs and a deep stock swoon at the enterprise software giant.‍