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Today's top stories: Microsoft and Alphabet earnings, UPS, President Biden's reelection bid

Yahoo Finance

The Yahoo Finance Live team discusses the three top stories from the market day on Tuesday.

Video transcript

- It's closing time here at Yahoo Finance. Let's get you caught up on some of the biggest stories of the day. Tech Giants Microsoft and Alphabet reporting their quarterly results after the bell.

Both companies beating the Street's expectations. Microsoft was helped by better than expected numbers in its cloud division, while Google parent company Alphabet reported that its cloud business posted a profit for the first time, as well as announcing a $70 billion share buyback.

- All right. We also got results from UPS today. The shipping giant's first quarter earnings were in line with analysts' estimates. But its outlook has investors concerned. Shares closed 10% lower, getting dinged after the company's CEO warned about the slowdown in retail sales, saying that given the current macro conditions, it expects shipping volume to, quote, "to remain under pressure."

- And finally, President Biden officially announcing he is running for re-election. Biden making the announcement in a video released early this morning, in which he vows to, quote, "finish the job" he started in his first term.