US futures are on the rise as the market looks to bounce back from last week’s selloff, with investors gearing up for a busy earnings week. The S&P 500 Index, which has seen a more than 5 percent decline this month, is showing signs of regaining momentum.
Geopolitical tensions in the Middle East and concerns about high inflation have been weighing on the stock market recently, but this week, investors are focusing on a Big Tech earnings bonanza. The Magnificent Seven, a group of tech giants including Alphabet (Google), Apple, Amazon, Meta (Facebook), Microsoft, Nvidia, and Tesla, are all set to report their earnings.
Tesla, which has had a rough start to the year with layoffs and a significant drop in stock price, will report its Q1 earnings on April 23. On the other hand, Meta, the parent company of Facebook and Instagram, has seen a 38 percent increase in stock price year-to-date, thanks to a boost in its advertising business and advancements in AI technology.
Microsoft and Google, two other members of the Magnificent Seven, are also expected to report strong earnings, as they continue to benefit from investments in AI technologies. Amazon is scheduled to release its earnings report on April 30, while Apple and Nvidia will share their reports in May.
In addition to the tech earnings reports, other highlights this week include earnings reports from companies like Verizon, Visa, PepsiCo, Lockheed Martin, Spotify, General Motors, IBM, Boeing, AstraZeneca, Intel, Exxon Mobil, and Chevron. Economic data on new-home sales and weekly jobless claims will also be released throughout the week.
As the market gears up for a busy week of earnings reports and economic data, investors will be closely watching to see how the Magnificent Seven and other companies perform, in hopes of gaining insight into the current state of the market and future trends.
