Meta mojo is back as earnings surprise powers Big Tech rally

 Meta Platforms Inc (META.O) shares rose about 28% on Thursday and helped spark a rally in the technology sector after the Facebook owner floored Wall Street by slashing its spending forecast and boosting its stock buyback plan by $40 billion.

The company was set to add more than $110 billion to its market value and was on course to log its best day in a decade. The surge also lifted shares of Amazon.com (AMZN.O), Apple (AAPL.O) and Alphabet (GOOGL.O), all of which sport valuations of more than $1 trillion and will report earnings after market close.