New York, Tuesday July 30, 2024— Wall Street is poised for a significant week as Amazon, Apple, Meta Platforms, and Microsoft, collectively valued at nearly $9 trillion, prepare to report their quarterly earnings.
These tech giants, whose stock movements heavily influence market trends, are expected to play a crucial role in shaping investor sentiment.
Investors are expected to be watching closely several major tech companies as they release their quarterly earnings reports this week.
Microsoft will kick off the series on Tuesday, July 30, followed by Meta Platforms on Wednesday, July 31.
Apple and Amazon will conclude the week with their reports on Thursday, August 1.
These earnings announcements are expected to significantly impact market trends.
Earlier this year, Big Tech stocks propelled the S&P 500 to multiple records, driven by excitement over artificial intelligence. However, this momentum has waned amid concerns over high valuations and the attractiveness of alternative investments.
Last week’s underwhelming earnings reports from Tesla and Alphabet raised fears that other “Magnificent Seven” Big Tech members might also fail to impress.
These gains helped offset declines in the oil-and-gas sector, with ConocoPhillips falling 1.6% and Exxon Mobil losing 1% amid concerns over China’s economic slowdown and its impact on crude demand.
The Federal Reserve will hold its latest policy meeting on interest rates this week, with an announcement expected on Wednesday. While no immediate changes are anticipated, there is widespread speculation that rate cuts could commence at the Fed’s September meeting.
