Big Tech earnings expected to boost stock market, Tesla leading with 21.3% gain

From Nasdaq: 2024-07-22 08:43:00

Zacks.com has released a list of companies likely to issue earnings surprises, including Tesla, Microsoft, Alphabet, Amazon, and Nvidia.

Big Tech earnings are anticipated to help reverse recent stock market weakness. Tesla leads the group with a 21.3% increase since July 1st, while Microsoft and Alphabet are down. Expectations are high for Tesla and Alphabet’s Q2 results this week.

In Q2, earnings for the Technology sector are predicted to rise by 15.5% from last year on 9.3% higher revenues. The Tech sector continues to see growth despite past pulled-forward demand adjustments.

Earnings season is in full swing, with over 500 companies set to report results this week, including Alphabet, Tesla, Verizon, AT&T, UPS, Coke, GM, Ford, Spotify, IBM, and Chipotle.

Q2 earnings are expected to jump by 9% from last year, the largest growth since 2022 Q1. The current crop of results from S&P 500 members shows an 8.7% earnings increase on 5.2% higher revenue.

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Read more at Nasdaq: Tesla, Microsoft, Alphabet, Amazon and Nvidia are part of Zacks Earnings Preview