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"Both tech giants (Alphabet and Microsoft) just missed on earnings, but both maintained very upbeat outlooks; that was enough for the FOMO gnomes," said Jeffrey Halley, analyst at Oanda, explaining the motivation behind the rally.
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TikTok's parent company, ByteDance, has filed a trademark application for "TikTok Music," a potential music streaming service, according to the U.S. Patent and Trademark Office. ByteDance submitted a similar application in Australia last November, then filed in the U.S. on May 9, Insider previously reported. The latest update, on May 13, says the office will assign an attorney to examine it in six months.
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