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Here's your midday brief for Thursday, July 31st. I'm Alex O'Sullough for the Wall Street Journal.

Microsoft has hit a $4 trillion valuation. It's the second company in the world to do so, following

NVIDIA, which hit the $4 trillion mark earlier this month. Investors were reacting to Microsoft's

fourth quarter earnings report, which showed high

growth in its cloud computing services bolstered by demand for its artificial intelligence offerings.

Microsoft said that annual revenue for its Azure cloud business topped $75 billion, a 34% increase

from the year earlier, and that it expects to see continued demand for its AI services

through the cloud. President Trump has agreed to extend existing tariffs on Mexico for 90 days,

because the, quote, complexities of a deal with Mexico are somewhat different than other nations.

Posting on social media, the U.S. president said his phone conversation with Mexican President

Claudia Scheinbaum earlier today was, quote, very successful. The president said Mexico will continue

to pay a 25 percent fentanyl tariff, a 25 percent tariff on cars, and a 50 percent tariff on steel,

aluminum, and copper. Most tariffs exclude Mexican exports that comply with USMCA rules.

Trump said Mexico has agreed to eliminate non-tariff trade barriers without elaborating.

And the Federal Reserve's preferred inflation measure, the Personal Consumption

Expenditures Price Index, rose in June. In the 12 months through June, the PCE Index rose

by 2.6%, slightly faster than

estimated by forecasters. On a core basis, which excludes volatile food and energy prices,

the PCE increased 2.8%. That was also a tad faster than expected.

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