Stocks opened higher on Monday to kick off what is set to be a busy earnings week, suggesting the market is regaining momentum after a steep selloff.
The S&P 500 Index is down more than 5 percent this month. Geopolitical tensions in the Middle East spooked investors late last week and added to worries closer to home around high inflation that have weighed on the stock market recently.
This week, investors are preparing for a Big Tech earnings bonanza, with many of the Magnificent Seven companies all reporting results, alongside other well-known names.
Who are The Magnificent Seven?
The Magnificent Seven is a name given to a collection of largely tech-based companies that are amongst the most valuable in the world and whose stocks dominate the market. Tech stocks generally have been buoyed by enthusiasm for artificial intelligence developments.
Read more: See Which Magnificent Seven Stocks Make Our List of Top Stocks
The Magnificent Seven
- Alphabet (Google)
- Apple
- Amazon
- Meta (Facebook)
- Microsoft
- Nvidia
- Tesla
Tesla
Tesla reports Q1 earnings on April 23, after a rough start to the year for Elon Musk's electric-vehicle giant. Sweeping layoffs at the company were announced earlier in April and the stock price has fallen more than 40 percent so far this year.
Meta
Things are looking brighter for Facebook and Instagram parent company Meta, which is up around 38 percent year-to-date, making it the second-best performer this year after microchip manufacturer Nvidia. Mark Zuckerberg's company has seen a boost in its advertising business and is capitalizing on AI mania. It recently rolled out the newest version its large language model, Llama 3.
Read more: Compare the Best Growth Stocks
Microsoft, Google
The two other members of the Magnificent Seven reporting earnings this week are Microsoft and Google, which have also reaped the benefits of investment in AI technologies. Wall Street is bullish on both companies.
Amazon
Amazon is scheduled to publish its next earnings report on April 30.
Apple, Nvidia
Apple and Nvidia are expected to share their respective earnings reports in May. Nvidia shares dropped 10 percent on April 19 to $762 a share, their lowest price since February. Apple meanwhile has seen its shares drop more than 11 percent this year as the iPhone maker faces slowing growth and declining sales.
Earnings Reports Highlights This Week:
- Monday: Verizon, German software company SAP
- Tuesday: Visa, Tesla, PepsiCo, Lockheed Martin, Spotify, General Motors
- Wednesday: Meta, IBM, Boeing
- Thursday: Microsoft, Google parent Alphabet, AstraZeneca, Intel
- Friday: Exxon Mobil, Chevron
Other economic highlights this week include new-homes sales data on April 23 and weekly jobless claims on April 25.
Update, 4/22/24, 9:15 a.m. ET: This story was updated with additional information.
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