What Wall Street expects from Amazon, Apple earnings after the bell

Wall Street faces another key litmus test Thursday with results from megacap technology giants Apple and Amazon . It comes as the Nasdaq slumps 2% after Microsoft issued disappointing revenue guidance and Meta Platforms warned of heightened AI-related costs . Both tech giants fell on Thursday, despite topping Wall Street's estimates. Capital expenditures remain top of mind for investors on the hunt for signs of a payoff from these hefty investments.

Improvements within the retail segment should help offset some higher costs from Amazon's satellite project, said Citi's Ronald Josey. "Amazon remains one of our top picks across the Internet sector and believe the rise in essentials, faster shipping, and improving conversion rates can deliver strong retail results as AWS demand continues to improve," he wrote.

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