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Traders brace for volatility as tech firms report earnings

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Attention will be on consumer demand, inflation, the strong dollar and supply chain woes

With technology stocks on track for their biggest annual decline on record, the earnings season has a lot riding on it. Picture: BLOOMBERG

Traders are bracing for price swings of anywhere from 4% to 13% in the Faang cohort after they report second-quarter results, according to data compiled by Bloomberg. The five megacaps account for about 16% of the S&P 500 index’s daily performance. A 26% sell-off in the tech-heavy Nasdaq 100 index this year has lowered stock valuations, but apparent bargains may be a mirage if poor results prompt analysts to slash earnings forecasts.

Investors parsing results for clues on consumer and enterprise demand have so far received mixed signals. Micron Technology’s disappointing outlook points to weaker trends for phones and computers, while a beat from Samsung Electronics was more reassuring. Cloud computing and cybersecurity look more resilient, with Morgan Stanley pointing to a “durable security spending environment” against an uncertain macro backdrop.

The surging US dollar has already been flagged as a big issue for tech this quarter, with Microsoft and Salesforce both citing currency in recent guidance cuts.

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