— With the list of stock-market worries growing seemingly by the day, investors looking to earnings season for a dose of good news are hanging their hopes on a familiar group: Big Tech.
The S&P 500 as a whole isn’t looking nearly as strong. The index’s profits are expected to be roughly flat, but they’d face a drop of around 5% without those five behemoths. Netflix Inc. and Tesla Inc. are scheduled to kick off tech-related earnings Wednesday. Alphabet, Microsoft, Amazon and Meta Platforms Inc. report the following week. Apple announces Nov. 2 and Nvidia on Nov. 21.
A source of concern for investors is that even with recent declines, big tech’s stock-market valuations are still elevated. Apple and Microsoft are priced at about 27 and 29 times estimated earnings, respectively, well above averages over the past decade. That figure is around 18 for the S&P 500 as a whole.
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