Major Tech Companies Earnings Reports This Week: Apple, Microsoft, Meta & More

Significant Week Ahead: Major Tech Earnings Reports

This week marks a pivotal moment for the stock market as five major technology companies are due to report their earnings. These companies—Alphabet, Microsoft, Meta, Apple, and Amazon—are not only industry leaders but also represent a substantial 32% of the holdings in the QQQ fund. This fund has noticeably underperformed compared to the Nasdaq Composite over the last 30 trading days, showcasing a return of only 1.8% while the Nasdaq has seen a healthier 2.4%. Analysts are optimistic that strong earnings from these tech giants might catalyze a break out of the index's current resistance zone.

The Broader Impact of Earnings Reports

In addition to the tech giants, the earnings announcements don't stop there. A total of 169 companies in the S&P 500 are also scheduled to release their quarterly results this week. Carrying significant weight in the market, notable names among these reports include:

• Ford
• Visa
• Uber
• Exxon
• Mastercard

Current Earnings Season Insights

According to FactSet data, approximately one-third of S&P 500 companies have reported earnings thus far, and the results are promising: 75% have exceeded earnings per share (EPS) estimates from analysts, while 59% have exceeded revenue expectations for Q3.

Market Analysts Weigh In

Market expert Nicholas Colas, co-founder of DataTrek Research, shares insights indicating that this quarter's earnings season is performing slightly better than recent past quarters in terms of revenue and earnings surprises. However, despite this improvement, it still falls short of historical averages.

Nevertheless, Colas asserts that the current earnings are adequate to maintain the existing levels of the S&P and supports optimistic expectations for an upturn in Q4 and into 2025. As such, the market's performance in the coming days will be closely watched to gauge whether this rally can maintain its momentum.

Conclusion

As the market anticipates these key earnings reports, investors' hope rests on the potential strength revealed in these announcements to boost performance. Should these tech giants deliver favorable results, it could provide the necessary support to extend the market's recent gains.