The wait is almost over. Big Tech earnings are nearly here.
Futures on the S&P 500 edged up less than 0.1% ahead of the open, while Dow Jones Industrial Average futures were also up less than 0.1% and Nasdaq 100 futures edged up 0.1%. All three major indexes rose Monday as investors prepared for a busy week of earnings and economic data.
More than 150 S&P 500 companies will report earnings this week but, as usual, it’s the mega-cap tech companies generating the most excitement. The technology-heavy Nasdaq Composite reached its third-highest ever close Monday in anticipation of the deluge of Big Tech reports in the coming days.
Artificial intelligence will again be a major theme, with investors looking for evidence that the tech giants are successfully monetizing their AI offerings. Google owner Alphabet will get things started when it reports after the bell. Amazon.com, Apple, Meta Platforms, and Microsoft will all follow later in the week.
Alphabet isn’t the only highlight Tuesday–chip maker Advanced Micro Devices, PayPal, Visa, and McDonald’s are also due to release results.
While earnings season will grab the headlines for now, key economic data are waiting in the wings set to play a big role later in the week. Friday’s October jobs report could shift expectations around the pace and extent of Federal Reserve rate cuts. The Fed’s preferred inflation measure, the personal consumption expenditures index, will also be closely watched as investors look for inflation trending toward 2%.