By Liz Moyer

Investing.com — U.S. stocks recovered on Wednesday after a strong earnings report by Microsoft Tuesday night helped to stop the slide in technology stocks.

The index rose 0.6% to 10:09 ET. Meanwhile, the index was at 0.7%, and the index was at 0.7%.

On Tuesday, tech stocks plunged by 4% as investors fear a slowdown in the global economy. This pushed the Nasdaq down to its lowest point since 2020. However, a more than expected performance by Microsoft Corporation (NASDAQ:), has stopped the slide.

Investors await the Federal Reserve meeting, where policymakers are expected to increase interest rates by one-half point. This is in response to rising prices for food, energy, housing, and other commodities. 

Microsoft shares are now up almost 6% following its forecast of double-digit revenue growth over the next year due to increased demand for cloud services. The payments giant Visa Inc The Class A shares (NYSE:) also jumped almost 10%. It anticipates increased revenue at an even faster rate.

Meta Platforms Inc, (NASDAQ:), will make its report later Wednesday. For certain metrics, such as active users or advertising revenue, the Facebook parent company will be closely monitored.

The oil prices fell, falling by about 1% to $100 per barrel and 0.7% to $103.95. The price of oil fell 0.8% to $1,888 per ounce.