Stocks rose Thursday following solid earnings reports from tech giants Microsoft and Meta Platforms.

“Magnificent Seven” titans Microsoft and Meta respectively rose about 8% and 11% on the back of better-than-expected quarterly earnings. Software giant Microsoft said that annual revenue from its cloud computing service Azure exceeded $75 billion. Meta issued an upbeat third-quarter sales outlook, surpassing the Street’s estimates.

Fellow Mag-7 names Apple and Amazon are slated to report earnings after the bell Thursday.

U.S. Treasury Secretary Scott Bessent on Thursday said negotiations with China are at a point where both sides ” have the makings of a deal.” Bessent did not give any details on a potential deal, however, nor did he indicate when such an agreement could be made. The U.S. and China have until Aug. 12 before the truce over aggressive tariffs runs out.